6% net profit u/s.44ad

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2018 For Assessment Year 2018-19, may I show net profit @6% u/s.44AD in case of banking turnover.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

30 April 2018 Yes, provided the following conditions are satisfied.

* banking turnover should be by way of a/c payee cheque/DD or elotronic clearing
system and

* the person is doing an 'eligible business' and an 'eligible assessee' as per
explantion (a) and (b) of 44AD.