Eligibility for Presumptive income

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This query is : Resolved

naveen jain (Querist)

14 April 2026 An MF Distributor earns income by way of brokerage. Can he choose to compute his income as per presumptive income scheme? If not, then under which section is a business earning from brokerage or commission not made eligible to declare income under presumptive income scheme? As per section 58 of 2025ACT and Table given there under column B , it states, "Any business other than the business specified against serial number 2". It states ANY BUSINESS" which will cover all business other than specified in serial 2. So business earning brokerage or commission gets covered.
Please advise if there is any other overriding clause excluding business earning income by way of brokerage from presumptive income scheme.
Thank you

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

14 April 2026 Read ::: Sub-Sec...
11. For the purposes of this section,––
a. "eligible assessee" means an individual, a Hindu undivided family, or a firm other than a limited liability partnership, who is resident in India, and who––

i. has not claimed any deduction under section 144;
ii. has not claimed any deduction under Chapter VIII-C for the relevant tax year;
iii. does not carry on specified profession as defined in section 62(4);
iv. does not earn any income in the nature of commission or brokerage;
v. does not carry on any agency business;

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