Sir,
We are calculating income tax on presumptive basis. Most of the payment from party is done through online transaction or by cheque and the rest by cash. Can we calculate income at 6% for the electronic transaction and 8% for the cash payment?
Kindly Reply...
Abi
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Income Tax presumptive basis
Replies (4)
NO, you required each & every (all) transaction in electronic form to claim 6% otherwise you have to calculate 8% . The word total turnover by account payee cheque , Bank draft , or electronic clearing system through bank to claim 6% is used in the ACT .
please confirm with other also.
Yes, the assumption is correct, you can declare minimum profit as 6% for digital & 8% for cash transactions simultaneously.
Yes it may be shown separately in ITR, i.e. 6% for non cash and 8% for cash transactions.
Thanks a lot Experts...
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