05 September 2012
Dear Sir One of my clients have a turn over of Rs 98 Lakhs during 2011-12 and he received Rs 30 lakhs from one Govt Departments towards contract amount without deduction of TDS. My question is whether heis eligible for presumptive basis of taxation for contract receipts and for trading he is filing auditing u/s 44AB.
07 September 2012
Dear Sir pls note that the contract is the supply of animal feeds like green podder, palm leaves , etc to a Zoo. All the purchases are from unregistered dealers.All the payments for these purchases are cash .Under these circumstances kindly advice and whether the cashpayments attracts disallowance u/s 40 RGDS
08 September 2012
It is not a contract. It is purely sale. If the goods are agricultural product and purchased directly from grower and/or producer then section 40A (3) has no application.
CAclubindia
