Presumptive taxation consolidates simplified income computation for eligible businesses, professions, and goods-carriage operators with compliance conditions.

Section 58 establishes presumptive taxation for eligible businesses, specified professions and goods-carriage businesses. Eligible businesses and professions are subject to prescribed turnover or gross-receipt thresholds, including enhanced thresholds where cash receipts remain within stipulated limits. Income is computed at prescribed rates or amounts, or at higher actual profits claimed. Lower-profit claims may require books of account and audit where total income exceeds the maximum amount not chargeable to tax. Separate deductions are generally barred, except qualifying partner salary and interest for firms in the goods-carriage category. Departure from the eligible-business presumptive method triggers a subsequent period of ineligibility.

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