No depreciation on goodwill – Goodwill of a business or a profession is to be excluded in the block of asset for purpose of charging depreciation. The cost of acquisition of purchased goodwill is to be calculated after reducing the depreciation amount charged in the assessment years prior to AY 2021-22.
Presumptive taxation scheme option provided to only resident individuals and partnership firms – Section 44ADA – Under the presumptive taxation scheme an assessee engaged in specified profession computes taxable income as 50% of his total receipts if such gross receipts does not exceed Rs. 50 lakhs during the year. Only resident individuals and partnership firms are now eligible for presumptive taxation as opposed to when previously HUF/Individual/AOP/Company/BOI/LLP were all eligible to adopt such scheme.
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