28 September 2024
ASSESSES HAVING A TURNOVER OF RS. 2.19 CRORE HAVING RECEIVED ALL PAYMENT VIA DIGITAL PAYMENT SYSTEM (LIKE RTGS , NEFT, UPI) WANTS TO FILE RETURN UNDER SECTION 44AD CONSIDERING REVISED LIMIT OF RS. 3CRORE ??
REVISED LIMIT IS APPLICABLE FOR A.Y. 2024-25?? IS IT POSSIBLE ??
28 September 2024
Yes. The Budget 2023 amended Sec 44AD and Sec 44ADA and revised presumptive taxation limits for FY 2023-24 (AY 2024-25). The increase in limits is subject to a condition that 95% of the receipts must be through online modes.
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