Amendment of section 44AD.

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..... m the 1st day of April, 2020. - Clause 16 of the Bill seeks to amend section 44AD of the Incometax Act relating to special provision for computing profits and gains of business on presumptive basis. Sub-section ( 1 ) of the said section provides that notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engag .....

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..... evious year, a sum equal to six per cent. or higher shall be deemed to be the profits and gains of business and profession. It is proposed to amend the said proviso so as to empower the Board to make rules to provide that an eligible assessee can opt for presumptive taxation scheme if he declares profit at the rate of six per cent. or higher of the turnover, received through any other .....

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