New Delhi, April 16 -- Under the new tax regime, incomes up to Rs.12 lakh will incur zero income tax starting the current fiscal year. Small businesses and professionals with turnovers up to Rs.2 crore and Rs.24 lakh, respectively, see this as an opportunity to pay zero tax. This can be achieved by opting for presumptive taxation, wherein the tax laws allow businesses or professionals to offer minimal permissible income to tax.

But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes.

Presumptive taxationfor businesses and professionals is covered under Section 44AD and Section 44ADA, respectively.

Under Section 44AD, small businesses with a turnover ...