Income Tax Act 2025 simplifies presumptive tax—but one change could hurt taxpayers
Three schemes combined
The 1961 Act had three separate presumptive taxation schemes—one for small businesses (6% or 8% of turnover, with turnover limits of ₹2 crore/ ₹3 crore), one for low-income professionals (50% of gross receipts, with receipt limits of ₹50 lakh/ ₹75 lakh), and one for transport operators of commercial goods vehicles (presumptive income based on vehicle capacity, subject to a limit of 10 goods transport vehicles).
