Introduction to Section 44AD:
Aimed at simplifying taxation for small businesses.
Allows eligible taxpayers to declare income based on turnover.
Eligibility Criteria:
Resident individuals, HUFs, and partnership firms with turnover up to INR 3 Crore.
Exclusions: Non-residents, LLPs, certain specified businesses.
Calculation of Presumptive Income:
Gross sales or turnover up to INR 3 Crore.
Income reported at 6% or 8% of turnover, based on nature of transactions.