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of <h1>Union Budget 2023-24 raises presumptive tax limits for businesses and professions, promoting non-cash transactions. Effective April 2024.</h1> The Union Budget 2023-24 proposes to increase threshold limits for presumptive taxation schemes under Sections 44AD and 44ADA of the Income Tax Act. For eligible businesses, the threshold will rise to three crore rupees, provided cash receipts do not exceed five percent of total turnover. For eligible professions, the limit will increase to seventy-five lakh rupees under the same cash receipt condition. These changes aim to ease compliance and encourage non-cash transactions. The amendments will be effective from April 1, 2024, applicable to the assessment year 2024-2025 and onwards, exempting certain assessees from audit requirements under Section 44AB.
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