Applicability of Presumptive income scheme u/s 58 of 2025ACT

Mutual fund brokerage income is not eligible for presumptive taxation u/s 58 of the Income-tax Act, 2025. There is no need to look for any separate overriding provision, because section 58 itself excludes such cases. As per section 58(11)(a), an eligible assessee should not earn income in the nature of commission or brokerage and should not carry on agency business. Therefore, a person whose business income is from mutual fund brokerage cannot declare income under section 58.