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

The Presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses: Business of plying, hiring or leasing of goods carriages referred to in section 44AE. A person who is carrying on any agency business (Example-Insurance Agent) A person who is earning income in the nature of commission or brokerage. A person who is engaged in any profession as prescribed under section 44AA (1) cannot adopt the presumptive taxation scheme of section 44AD. Any business whose total turnover or gross receipts in the previous year exceed an amount of two crore rupees provided that 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.