Section 44ADA:
Old rule: Certain professionals -See the list here: Who is eligible for taxation under section 44ADA – with total gross receipts not more than fifty lakh rupees in a previous year are eligible. Under this scheme, a sum equal to 50% of the gross receipts is deemed to be the profits and gains from the business. If the assessee has claimed to have earned a higher sum than 50%, that higher sum is taxable.
New rule: The threshold has been increased to 75 lakhs. (View Highlight)
