Presumptive taxation regime clarified for small businesses and goods carriage operators, altering computation and compliance timing.
Section 58 creates a presumptive taxation regime for small businesses, goods carriage operations and specified professions, prescribing turnover limits and fixed presumptive computation methods. Taxpayers may elect actual profits but must maintain books and obtain an audit if total income exceeds the basic exemption limit. The enacted text clarifies that receipts received by specified banking or online modes count for a lower percentage only if received during the tax year or before the due date, treats non account payee cheques/bank drafts as cash for cash tests, and expressly excludes goods carriage receipts from aggregation for monetary limits under book keeping/audit rules.