https://www.taxtmi.com/news?id=17137 The government reduced the presumptive profit rate under Section 44AD for receipts made by cheque or other digital means from eight percent to six percent for eligible small businesses up to the turnover ceiling, lowering taxable income and tax payable compared with cash receipts. The change interacts with Section 80C deductions and is intended to promote digital payments, improve bookkeeping, and facilitate access to bank finance, with illustrative scenarios showing reduced tax liabilities and a stated effective zero-tax outcome at a lower turnover threshold after Section 80C. en-us Wed, 21 Dec 2016 10:05:52 +0530 Wed, 21 Dec 2016 10:05:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=17137 The government reduced the presumptive profit rate under Section 44AD for receipts made by cheque or other digital means from eight percent to six percent for eligible small businesses up to the turnover ceiling, lowering taxable income and tax payable compared with cash receipts. The change interacts with Section 80C deductions and is intended to promote digital payments, improve bookkeeping, and facilitate access to bank finance, with illustrative scenarios showing reduced tax liabilities and a stated effective zero-tax outcome at a lower turnover threshold after Section 80C. News - Wed, 21 Dec 2016 10:05:52 +0530 https://www.taxtmi.com/news?id=17137