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of <h1>Income Tax Bill 2025: Clause 58 Introduces Presumptive Taxation Scheme for Small Taxpayers, Simplifies Compliance but Excludes LLPs</h1> Clause 58 of the Income Tax Bill, 2025, introduces a presumptive taxation scheme for specified professions, aiming to simplify tax compliance for small taxpayers. It allows certain residents to declare a fixed percentage of their gross receipts as income, reducing the need for detailed bookkeeping and audits. The clause mirrors Section 44ADA of the Income Tax Act, 1961, with similar provisions for income computation, compliance requirements, and restrictions on deductions. However, it excludes certain entities like limited liability partnerships. The new clause is expected to streamline tax processes but may deter some due to audit requirements if actual profits are lower than presumptive income.
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