Presumptive Taxation Scheme of Section 44AD

1.	Meaning – Sec. 44AD
2.	For whom the Presumptive Taxation Scheme of Section 44AD is designed?
3.	Businesses not covered under the presumptive taxation scheme of section 44AD
4.	An insurance agent cannot adopt the presumptive taxation scheme of section 44AD
5.	A person engaged in a profession as prescribed under section 44AA(1) cannot adopt the presumptive taxation scheme of section 44AD
6.	A person whose total turnover or gross receipts for the year exceed Rs. 2,00,00,000 cannot adopt the presumptive taxation scheme of section 44AD
7.	Manner of computation of taxable business income under the normal provisions of the Income-tax Act, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD
8.	Manner of computation of taxable business income under the normal  provisions of the Income-tax Act, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD
9.	The manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD
10.	The manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD
11.	The presumptive income computed @ 8% is the final income and no further expenses will be allowed or disallowed
12.	No need to maintain books of account as prescribed under section 44AA
13.	Payment of advance tax in respect of income from business covered under section 44AD
14.	Provisions to be applied if a person does not opt for the presumptive taxation scheme of section 44AD and declares income at a lower rate, i.e., at less than 8%
15.	Consequences if a person opts out from the presumptive taxation scheme of section 44AD