Since this is a section of presumptive section.The rate is -
6%-If amount received thorough A/c payee cheque or through online banking,but the amount received before the due date specified u/s 139(1)
8%- if received in cash
and if the amount received by cheque and received after the due date 139(1) then the Rate will be 8%
My question is if the amount is received after 139(1) then why it is to be show in current A.Y and Rate will be 8% instead of 6%.
Its better to show that receipt in next A.Y. so that the rate will be 6% only.
I think wrongly understand the sec...
it's furnishing return and the due date of the PYs return...
CAclubindia
