Mr. Balwant, a resident individual, engaged in retail trade, reports a turnover of ₹2,97,50,000 for financial year 2024-25. The amount received in cash during the PY 2024-25 is ₹13,50,000 and balance through prescribed e

Yes, Mr. Balwant is eligible to opt for presumptive taxation scheme u/s 44AD in respect of his retail trade business since his cash receipt during FY 2024-25 does not exceed 5% of the total turnover, and his total turnover is below ₹3 crore. The presumptive taxation u/s 44AD is provided to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE) whose total turnover or gross receipts in the previous year does not exceed an amount of ₹ 2 crore. However, where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent of the total turnover or gross receipts of such previous year, this sub-clause shall have effect as if for the words "two crore rupees", the words "three crore rupees" had been substituted. The presumptive taxation scheme of section 44AD can be adopted by following persons: Resident Individual Resident Hindu Undivided Family Resident Partnership Firm (not Limited Liability Partnership Firm) In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading "C. Deductions in respect of certain incomes" in the relevant assessment year.