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of <h1>Finance Bill 2021 amends Section 44ADA: Presumptive taxation now limited to individuals, HUFs, and firms under Rs. 50 lakh.</h1> The Finance Bill 2021 proposes to amend Section 44ADA of the Income Tax Act, which allows presumptive taxation for certain professionals. This section applies to individuals, Hindu Undivided Families (HUF), and partnership firms, excluding Limited Liability Partnerships (LLPs), as LLPs are required to maintain books of accounts under the LLP Act. The amendment clarifies that the presumptive taxation provision applies only to individuals, HUFs, or partnership firms with gross receipts not exceeding fifty lakh rupees, effective from April 1, 2021, for the assessment year 2021-22 and onwards.
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