The provisions of section 44AD of the Income-tax Act, the threshold limit of presumptive taxation increased from ` 1 crore to Rs 2 crore. If the taxpayer opts for the presumptive taxation scheme, he has to remain in that scheme for 5 years. If he 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.

Taxpayer eligible for presumptive taxation scheme under section 44AD of the Income-tax Act shall pay whole amount of advance tax in one instalment on or before the 15th March of the financial year.

Presumptive taxation scheme extended to professionals with gross receipts up to `50 lakh with the presumption of profit being 50% of the gross receipts.