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of <h1>Income Tax Bill 2025: Clause 58 Introduces Simplified Presumptive Taxation for Small Businesses with Digital Incentives</h1> Clause 58 of the Income Tax Bill, 2025, introduces a presumptive taxation scheme aimed at simplifying tax compliance for small businesses and professionals. It allows eligible entities with turnover not exceeding specified limits to declare income based on a presumptive rate: 6% for digital transactions and 8% for others. This clause is similar to Section 44AD of the Income-tax Act, 1961, but includes differentiated rates to encourage digital transactions and mandates a five-year lock-in period for consistent application. It requires maintaining books and audits if actual profits are lower than presumptive income and total income exceeds the exemption limit.
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