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 The threshold limits for presumptive schemes of taxation for eligible businesses from Rs 2 crore to Rs 3 crore and for specified professions from Rs 50 lakh to Rs 75 lakh.

Eligible and specified professions whose turnover is between from Rs 50 lakh to Rs 75 lakh will benefit from Budget 2023's announcement of Presumptive Tax Scheme

In order to ease compliance and to promote non-cash transactions, the finance minister has proposed to increase the threshold limits for presumptive schemes of taxation for eligible businesses from a turnover of Rs 2 crore to Rs 3 crore and for specified professions from a turnover of Rs 50 lakh, now up to Rs 75 lakh.

Under the presumptive taxation scheme (PTS) a taxpayer is exempt from maintaining books of accounts. The scheme offers relief to small taxpayers who found it difficult to maintain them and had to bear additional costs.

The scheme is defined under three different sections—44AD, 44ADA and 44AE—of the Income-tax Act, depending on the type of businesses and professions.

So far under section 44AD of the Act, a resident individual, Hindu Undivided Families (HUF) and partnership firms (excluding limited liability partnerships or LLPs) engaged in any business having a turnover or gross receipts of not more than Rs 2 crores in the respective financial year can opt for the scheme.