44 AD APPLICABILITY CONSIDERING REVISED LIMIT OF RS. 3 CRORE

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This query is : Resolved

Quick Summary

Yes, it is possible to file under Section 44AD with a turnover of Rs 2.19 crore, provided all payments were received digitally. The Budget 2023 revised the presumptive taxation limits, increasing the threshold to Rs 3 crore for FY 2023-24 (AY 2024-25). This revised limit is applicable as long as at least 95% of your receipts are through online payment methods.

jayesh khokhariya

jayesh khokhariya (Querist)

28 September 2024 ASSESSES HAVING A TURNOVER OF RS. 2.19 CRORE HAVING RECEIVED ALL PAYMENT VIA DIGITAL PAYMENT SYSTEM (LIKE RTGS , NEFT, UPI) WANTS TO FILE RETURN UNDER SECTION 44AD CONSIDERING REVISED LIMIT OF RS. 3CRORE ??

REVISED LIMIT IS APPLICABLE FOR A.Y. 2024-25??
IS IT POSSIBLE ??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

28 September 2024 Yes.
The Budget 2023 amended Sec 44AD and Sec 44ADA and revised presumptive taxation limits for FY 2023-24 (AY 2024-25). The increase in limits is subject to a condition that 95% of the receipts must be through online modes.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 October 2024 Good luck ....

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