Section 17 - Amendment of section 44ADA. - Finance Act, 2023

Amendment of section 44ADA. 17. In section 44ADA of the Income-tax Act, after sub-section (1), the following provisos shall be inserted with effect from the1st day of April, 2024, namely: 'Provided that in case of an assessee where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent. of the total gross receipts of such previous year, this sub-section shall have effect as if for the words fifty lakh rupees , the words seventy-five lakh rupees had been substituted: Provided further that for the purposes of the first proviso, the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash.'.