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of <h1>Presumptive Taxation Under Section 44AD: Key Exclusions and New Turnover Thresholds Effective AY 2024-25</h1> The presumptive taxation scheme under section 44AD excludes businesses involved in plying, hiring, or leasing goods carriages (section 44AE), agency businesses, those earning income from commissions or brokerage, and businesses with a turnover exceeding two crore rupees. If cash receipts are under 5% of total turnover, the turnover threshold increases to three crore rupees. Non-account payee cheque or bank draft receipts are treated as cash. Additionally, professionals under section 44AA(1) are ineligible. These provisions apply from the assessment year 2024-25.
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