The earlier limit was Rs 25 lakh. Professionals in the fields of architecture, accountancy , technical consultancy and interior decoration can now avail of the scheme and pay tax at 50% of gross receipts.
The FM said taxpayers opting for presumptive taxation would have to remain in it for five years. “Further, if he (taxpayer) does not offer the income as per the said scheme in any of the five years, he shall not be eligible to claim the benefit under the scheme for next 5 years,“ Jaitley said.
For enterprises, the FM proposed to increase the turnover limit for presumptive taxation scheme to Rs 2 crore, “which will bring big relief to a large number of assesses in MSME category“. The scheme was earlier available for small and medium enterprises (non-corporate businesses) with turnover not exceeding Rs 1crore.