Special provision for computing profits and gains of business or profession on presumptive basis in case of certain residents

The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the specified business or profession mentioned in column B of the Table in sub-section (2).

The profits and gains of any specified business or profession as mentioned in column B of the Table below, carried on by an assessee specified in column C of the said Table, having total turnover or gross receipts of business or profession during the tax year specified in column D and computed in the manner specified in column E thereof, shall be deemed to be the profits and gains of such business or profession chargeable to tax under the head “Profits and gains of business or profession”. Table Sl. No. Specified Assessee Total turnover or Manner of business or gross receipts of computation profession business or profession during tax year A B C D E 1. Any Eligible (a) Does not (A) (i) 6% of total business other assessee. exceed turnover or gross than the ₹2,00,00,000; or receipts realised in business specified banking or (b) does not specified online mode; and exceed against serial ₹3,00,00,000, (ii) 8% of total number 2. where the turnover or gross amount or receipts realised in aggregate of any mode other than amounts specified banking or received, in online mode; or cash, does not (B) profit claimed exceed 5% of to have been actually the total earned, turnover or gross receipts. whichever is higher. 2. Business of An (a) The plying, hiring assessee, aggregate of or leasing who owns income from goods goods not more than carriage:— carriage. ten goods (i) being a carriages at heavy goods any time vehicle, during the tax calculated at the year. rate of ₹1,000 per ton of gross vehicle weight or unladen weight for each vehicle; or (ii) being a vehicle other than heavy goods vehicle, calculated at the rate of ₹ 7,500 for each goods carriage for every month or part of a month during which the vehicle is owned by the assessee in the tax year; or (b) income claimed to have been actually earned, whichever is higher. 3. Any Specified (a) Does 50% of the profession assessee. not exceed gross receipts or as referred ₹50,00,000; or profit claimed to have to in section been actually earned, (b) does 62(1)(a). not exceed whichever is ₹75,00,000, higher. where the amount or aggregate of amounts received in cash does not exceed 5% of the total turnover or gross receipts.