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of <h1>Clause 58 of Income Tax Bill 2025 Simplifies Taxes for Small Goods Carriage Businesses with Presumptive Income Basis</h1> Clause 58 of the Income Tax Bill, 2025, introduces a simplified tax regime for small businesses involved in plying, hiring, or leasing goods carriages, allowing income computation on a presumptive basis. It applies to those owning up to ten goods carriages, with income calculated based on vehicle type. This provision aims to reduce compliance burdens by minimizing bookkeeping and audit requirements. Section 44AE of the Income Tax Act, 1961, offers a similar framework, sharing objectives and mechanisms with Clause 58 but differing in legislative context. Both provisions aim to ease tax compliance for small transport operators.
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