The Presumptive taxation scheme is designed to give relief to small taxpayers from maintaining books of accounts and getting them audited.
The following businesses do not qualify for Presumptive Taxation Scheme u/s 44AD:
- Any business with total turnover or gross receipts more than INR 2 crore
- Any business of plying, hiring or leasing goods carriages covered u/s 44AE
- An assessee who is carrying on agency business.
- An assessee who is earning any income in nature of Commission or Brokerage