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[Cites 0, Cited by 0] [Section 58] [Entire Act]

Union of India - Subsection

Section 58(2) in The Income Tax Act, 2025

(2)The profits and gains of any specified business or profession as mentioned in column B of the Table below, carried on by an assessee specified in column C of the said Table, having total turnover or gross receipts of business or profession during the tax year specified in column D and computed in the manner specified in column E thereof, shall be deemed to be the profits and gains of such business or profession chargeable to tax under the head "Profits and gains of business or profession".
Sl. No.Specified business or professionAssesseeTotal turnover or, as the case may be, gross receipts of business or profession during tax yearManner of computation
ABCDE
1.Any business other than the business specified against serial number 2.Eligible assessee.(a) Does not exceed two crore rupees; or(b) does not exceed three crore rupees, where the amount or aggregate of amounts received, in cash, does not exceed 5% of the total turnover or gross receipts.(A) The aggregate of––(i) 6% of total turnover or gross receipts which is received by specified banking or online mode during the tax year or before the due date specified in section 263(1) in respect of that tax year;(ii) 8% of total turnover or gross receipts as reduced by the turnover or gross receipts covered in (i); or(B) profit claimed to have been actually earned, whichever is higher.
2.Business of plying, hiring or leasing goods carriage.An assessee, who owns not more than ten goods carriages at any time during the tax year. (A) The aggregate of income from goods carriage:—(i) being a heavy goods vehicle, calculated at the rate of ₹1000 per ton of gross vehicle weight or unladen weight, as the case may be, for each vehicle, for every month or part of a month during which such vehicle is owned by the assessee in the tax year;(ii) being a vehicle other than heavy goods vehicle, calculated at the rate of ₹7, 500 for each goods carriage for every month or part of a month during which the vehicle is owned by the assessee in the tax year; or(B) profit claimed to have been actually earned, whichever is higher.
3.Specified profession as referred to in section 62(4).Specified assessee.(a) Does not exceed fifty lakh rupees; or(b) does not exceed seventy-five lakh rupees, where the amount or aggregate of amounts received in cash does not exceed 5% of the gross receipts.50% of the gross receipts or profit claimed to have been actually earned, whichever is higher.