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of <h1>Presumptive Taxation Threshold Raised to 75 Lakh Under Section 44ADA for Low Cash Receipt Assessees Starting April 2024.</h1> Section 44ADA of the Income-tax Act is amended to include new provisos effective from April 1, 2024. If an assessee's cash receipts do not exceed 5% of their total gross receipts for the previous year, the threshold for presumptive taxation will increase from fifty lakh rupees to seventy-five lakh rupees. Additionally, any amounts received via non-account payee cheques or bank drafts will be treated as cash receipts for this purpose.
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