What is presumptive taxation in Indian income tax?
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Presumptive taxation is a simplified method of calculating and paying income tax for certain eligible taxpayers, such as small businesses, professionals, and freelancers. Under presumptive taxation, taxpayers are taxed on a presumptive basis at a specified percentage of their turnover or gross receipts, without the need for maintaining detailed books of accounts. This scheme aims to reduce compliance burden and promote tax compliance among small taxpayers.