For a person opting for the presumptive taxation scheme, the taxable business income is calculated at a rate of 8% or higher of the turnover or gross receipts of the eligible business for the year. However, if a portion of the turnover is received through banking channels (non-cash means), this rate is reduced to 6%.
How is taxable business income computed for individuals who choose to adopt the presumptive taxation scheme under Section 44AD?
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