Income Tax Act, 2025
Section 10: Subs. by s. 26, ibid., for sub-sections (4) and (5) (w.e.f. 12017).
10. Subs. by s. 26, ibid., for sub-sections (4) and (5) (w.e.f. 12017).
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(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible
assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the
maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such
books of account and other documents as required under sub-section (2) of section 44AA and get them
audited and furnish a report of such audit as required under section 44AB.]
1[(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions,
shall not apply to—
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.]
Explanation.—For the purposes of this section,—
(a) “eligibleassessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a
limited liability partnership firm as defined under clause (n) of sub-section (1) of section 2 of the
Limited Liability Partnership Act, 2008 (6 of 2009); and
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BAor
deduction under any provisions of Chapter VIA under the heading ”C. - Deductions in respect of
certain incomes” in the relevant assessment year;
(b) “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in
section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of
2[two crore rupees].]
3[44ADA. Special provision for computing profits and gains of profession on presumptive
basis.—(1) Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a
resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AAand whose
total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent. of the
total gross receipts of the assessee in the previous year on account of such profession or, as the case may
be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to
be the profits and gains of such profession chargeable to tax under the head “Profits and gains of business
or profession”.
(2) Any deduction allowable under the provisions of sections 30 to 38shall, for the purposes of
sub-section (1), be deemed to have been already given full effect to and no further deduction under those
sections shall be allowed.
and
(w.e.f. 12017).
250
Notwithstanding anything contained in the foregoing provisions of this section, an eligible
assessee to whom the provisions of sub-section
are applicable and whose total income exceeds the
maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such
books of account and other documents as required under sub-section
of section 44AA and get them
audited and furnish a report of such audit as required under section 44AB.]
1[
The provisions of this section, notwithstanding anything contained in the foregoing provisions,
shall not apply to—
a person carrying on profession as referred to in sub-section
of section 44AA;
a person earning income in the nature of commission or brokerage; or
a person carrying on any agency business.]
Explanation.—For the purposes of this section,—
“eligibleassessee” means,—
an individual, Hindu undivided family or a partnership firm, who is a resident, but not a
limited liability partnership firm as defined under clause
of sub-section
of section 2 of the
Limited Liability Partnership Act, 2008 (6 of 2009); and
who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BAor
deduction under any provisions of Chapter VIA under the heading ”C. - Deductions in respect of
certain incomes” in the relevant assessment year;
“eligible business” means,—
any business except the business of plying, hiring or leasing goods carriages referred to in
section 44AE; and
whose total turnover or gross receipts in the previous year does not exceed an amount of
2[two crore rupees].]
3[44ADA. Special provision for computing profits and gains of profession on presumptive
basis.—
Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a
resident in India, who is engaged in a profession referred to in sub-section
of section 44AAand whose
total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent. of the
total gross receipts of the assessee in the previous year on account of such profession or, as the case may
be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to
be the profits and gains of such profession chargeable to tax under the head “Profits and gains of business
or profession”.
Any deduction allowable under the provisions of sections 30 to 38shall, for the purposes of
sub-section