27 April 2017
dear sir whether may client has sales of 500000 credit and cash sales 50000 in this case both sales are consider in sales. 1)500000 * 8% = 40000 2)50000*6%= 3000 income to be decalred 43000 whether it is correct.if there is cash sales only (1) option to be decalred.
27 April 2017
1. the tax rates at 6% and 8% applicable to presumptive income scheme u/s 44AD only. 2. Tax rate 6% if receipts are from NEFT, RTGS or cheque i.e. through non cash mode only. You have wrongly applied 6% on cash sales. 3. Accordingly rate of 8% will be applicable on all sales since none of the sales pertain to non cash transactions.
CAclubindia
