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of <h1>Presumptive tax regime prescribes deemed profits by turnover thresholds, bars deductions, mandates books and audit when claiming lower profits</h1> The section creates a presumptive taxation regime overriding contrary provisions, prescribing deemed profits for specified businesses and professions based on turnover/receipts thresholds and prescribed percentages or per-vehicle amounts: general businesses use 6% of receipts received by banking/online plus 8% of the remainder (or actual profit if higher); goods-carriage owners (=10 vehicles) use fixed monthly amounts per vehicle (or actual profit if higher); specified professions use 50% of gross receipts (or actual profit if higher). If an assessee claims lower actual profits and total income exceeds the basic exemption, books and audit are mandated. No losses, allowances or deductions are permitted against presumptive income; special rules apply to partner remuneration, WDV and receipt characterization.
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