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of <h1>Finance Bill 2023-24: Amendments to Stop Misuse of Presumptive Taxation in Sections 44BB and 44BBB from April 2024.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose amendments to prevent misuse of presumptive taxation schemes under sections 44BB and 44BBB of the Income Tax Act. These sections allow non-resident assessees engaged in specific businesses to declare a fixed percentage of their income as profits. However, taxpayers have been exploiting these schemes by alternating between presumptive and actual income declarations to benefit from both. To curb this, the amendments will disallow the set-off of unabsorbed depreciation and carried forward losses against presumptive income. These changes will be effective from April 1, 2024, applicable to the assessment year 2024-2025 onwards.
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