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Section 44AD of the Income Tax Act allows MSMEs with a turnover of up to ₹2 (amended to 3 crores subject to minimum criteria of digital transactions (only 5% in cash receipts allowed) in budget 2023). crore to opt for a presumptive taxation scheme. The Budget 2023 amended Sec 44AD and Sec 44ADA and revised presumptive taxation limits for FY 2023-24 (AY 2024-25) as follows: 
*The increase in limits is subject to a condition that 95% of the receipts must be through online modes.
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