12 March 2024
If my business is eligible to avail sec 44AD. According to the section, as per turn over I've to show the profit 8% (cash receipts) / 6% (Digital receipts, Banking Mode). But pls. clarify sale payment rec'd part via. Cheque & balance in TDS
Should I show TDS amount in 6% or 8% ?. Kindly explain
13 March 2024
just a correction here. If you are doing accrual basis. the bad debts should either be reduced from turnover. if you are covered under GST, file a proper credit note to reduce your turnover. For unrealised sales, there is no reason to include it under 8% because it has not been received at all at this stage.
CAclubindia
