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of <h1>Finance Bill 2017: Section 44AD Amended, Deemed Profit Rate Cut to 6% for Digital Transactions, Boosts Cashless Economy.</h1> The Finance Bill, 2017 proposes an amendment to section 44AD of the Income-tax Act, reducing the deemed profit rate from 8% to 6% for eligible businesses with a turnover not exceeding two crore rupees, provided the income is received through banking channels such as account payee cheques, bank drafts, or electronic clearing systems. This change applies from April 1, 2017, affecting the assessment year 2018-2019 onwards. The 8% rate remains for income received through other means. This amendment aims to encourage digital transactions by offering tax benefits for bank-mediated receipts.
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