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of <h1>Section 44ADA: Presumptive Taxation Income Limit Rises to 75 Lakh for Low Cash Receipt Professions from AY 2024-25</h1> Section 44ADA of the Income Tax Act allows resident individuals, Hindu Undivided Families (HUFs), and partnerships (excluding LLPs) engaged in specified professions to compute their taxable income on a presumptive basis, provided their gross receipts do not exceed 50 lakh in the previous year. From AY 2024-25, the threshold increases to 75 lakh if cash receipts are 5% or less of total receipts. Eligible professions include engineering, legal, medical, and others. Deductions under sections 30 to 38 are deemed applied, and asset depreciation is computed accordingly. Accounts must be audited if profits claimed are below 50% of gross receipts.
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