Itr u/s 44ad
This query is : Resolved
09 February 2017
Respected Experts,
Please help me to resolve the below query :-
One of my friend is running proprietor concern & it shall be achieved a turnover around 90 Lacs in F.Y. 2016-17. Also 80% payment recd. through cheque or NEFT / RTGS, 10% to be received through digital payment (chq. or NEFT) & balance 10% (upto 31-01-2017) recd. in cash. It is possible to declare his income from proprietor concern 6% on digital payment % 8% on cash received u/s 44AD as details below :-
- 6% on 72 Lacs (80% of 90 Lacs) = 432000/- (Payment received through cheque or NEFT/RTGS)
- 6% on 9 Lacs (10% of 90 Lacs) = 54000/- (Payment to be received through cheque or NEFT/RTGS)
- 8% on 9 Lacs (10% of 90 Lacs) = 72000/- (Payment received in cash)
Can we do the above in f.y. 2016-17.
Please advise.
Regards,
Rakesh Sharma
Please help me to resolve the below query :-
One of my friend is running proprietor concern & it shall be achieved a turnover around 90 Lacs in F.Y. 2016-17. Also 80% payment recd. through cheque or NEFT / RTGS, 10% to be received through digital payment (chq. or NEFT) & balance 10% (upto 31-01-2017) recd. in cash. It is possible to declare his income from proprietor concern 6% on digital payment % 8% on cash received u/s 44AD as details below :-
- 6% on 72 Lacs (80% of 90 Lacs) = 432000/- (Payment received through cheque or NEFT/RTGS)
- 6% on 9 Lacs (10% of 90 Lacs) = 54000/- (Payment to be received through cheque or NEFT/RTGS)
- 8% on 9 Lacs (10% of 90 Lacs) = 72000/- (Payment received in cash)
Can we do the above in f.y. 2016-17.
Please advise.
Regards,
Rakesh Sharma
09 February 2017
Yes you can do it, rightly worked out.
09 February 2017
The presumptive rate of 6% u/s 44AD, proposed in the recent budget for digital transactions will apply wef FY 2017-18.
10 February 2017
It is applicable from FY 2016-17 and on wards.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
