05 December 2013
A person is having 60 Lacs of gross sales credited to trading a/c whereas he has received a sum of Rs.1 lac as cash discount from its supplier for timely payment of the purchase bills. The assessee is willing to opt presumptive tax scheme u/s 44AD. What will constitute the gross receipts/ sales / turnovers for applying sec 44AD?
05 December 2013
Cash discount received from the creditors is not part of the turnover or gross receipt. Rs. 60.00lacs can be considered as the turnover.
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