Special provisions for computing profits and gains of business on presumptive basis - (New) Section 58 / (Old) Section 44AD

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.... (Small Traders & Retailers) • Applies to: Eligible assessee • Turnover Limit  • Up to Rs.2 Crore (standard) or • up to Rs.3 Crore (if cash receipts are ≤ 5% of total Turnover or Gross Receipt). • Presumptive Income • Higher of (a) and (b) • (a) Aggregate of  • 6% of turnover received via digital/banking channels • 8% of turnover received in cash. • (b) profit claimed to have been actually earned • "Eligible Assessee" means an individual, a Hindu undivided family, or a firm other than a limited liability partnership, who is resident in India, and who-- • (i) has not claimed ....

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.... specified business or profession shall be computed as in section 58(2) had claimed and was actually allowed deduction in respect of depreciation thereon for each of the relevant tax years. [ Section 58(6) ] (d) Lock-in provision for section 58(2) (Table: Sl. No. 1) [ Section 58(7) & (8) ] • Where an eligible assessee declares profit for any tax year as per the provisions of section 58(2) (Table: Sl. No. 1) and • he declares profit for any of the five tax years succeeding such tax year in contravention of the provisions of sub-section (1), then • he shall not be eligible to claim the benefit of the provisions of this section for five tax years subsequent to the tax year in which the profit....

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....ions 10A, 10AA, 10B, 10BA, or under any provisions of Chapter VIA (i.e u/s 80-IA to 80RRB) the relevant AY. • a person carrying on profession as referred to in section 44AA(1) a person carrying income in the nature of commission or brokerage • a person carrying on any agency business • a person who is in the business of plying, hiring or leasing goods carriages • not applicable to LLP, a company assessee or AOP/BOI, etc. • Eligible Business/profession • "Eligible business" means,-  • (i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and  • (ii) whose total tu....

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....e already been given and no further deduction shall be allowed also a firm shall not be allowed for deduction on account of interest and salary paid to partners if the firm is covered u/s 44AD. • Where an eligible assessee declares profit under this section and for any of the 5 consecutive AY relevant to the PY not in accordance with section 44AD(1), then he shall not be eligible to claim benefit of this section  for 5 AY in which profits has not been declared under this section. • Advance tax Obligation  • The eligible assessee opting for section 44AD required to pay advance tax by 15th March of the Financial year. • Requirement of maintenance of books of account u/s 44AA and Au....