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CA Dipika Pathak

Partner at D P S A &...ย โ€ขย 10m

For Individuals & Partnership firm only (not LLP) . Know when ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ is applicable to you & about ๐ฉ๐ซ๐ž๐ฌ๐ฎ๐ฆ๐ฉ๐ญ๐ข๐ฏ๐ž ๐ญ๐š๐ฑ๐š๐ญ๐ข๐จ๐ง For FY 2023-24, the presumptive taxation limits are as follows: If you fall within the limits and pay tax accordingly, you are exempt from a tax audit. โžก For small businesses under Section 44AD, the limit has increased from Rs. 2 crore to Rs. 3 crore, with income to be declared as 8% of turnover, or 6% for digital receipts. โžก For professionals like doctors and lawyers under Section 44ADA, the limit has been raised from Rs. 50 lakh to Rs. 75 lakh, with income to be declared as 50% of turnover. The increase in limits is subject to a condition that 95% of the receipts must be through recognised banking channel in both the above cases

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