Presumptive tax (44AD, 44ADA and 44AB) rule changes in Budget 2023

Budget 2023 has proposed welcome changes in the presumptive taxation rules for small businesses and certain professionals. Section 44AD: Old rule: Individuals, HUF or partnership firms (other than LLP) with a turnover or gross receipt of two crore rupees or less are eligible.  Taxable income (profit from business) can be set to 8% or 6%...

The post Presumptive tax (44AD, 44ADA and 44AB) rule changes in Budget 2023 appeared first on freefincal.