Computation of ITR
This query is : Resolved
20 July 2023
U/s 44AD - Presumptive Scheme. How can we categorize payment rec'd in cash, Bank, tds & bad debts under 6% & 8% ?
20 July 2023
CASH TRADE RECEIPTS UNDER 8%
WHILE BANK RECEIPTS WITH TDS UNDER 6%.
DEBTORS RECEIPTS ARE NOT CONSIDERD UNDER TURNOVER.
WHILE BANK RECEIPTS WITH TDS UNDER 6%.
DEBTORS RECEIPTS ARE NOT CONSIDERD UNDER TURNOVER.
20 July 2023
If the amount received before filing relevant return by bank, then under 6%, otherwise treated under cash trade.
20 July 2023
& what if after filing the return the outstanding payment rec'd in digital payment ? Is there any provision we can make u/s 44AD ?
20 July 2023
By whatever mode you receive the amount after filing return; the transaction is being treated as 'cash sales' while filing return u/s. 44AD IT act.
20 July 2023
Thank u so much for clearing my doubt 😄
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20 July 2023
You are welcome.
20 July 2023
Had one more query if any advance payment rec'd from client for project & the project gets delay due to some reasons for years. Should we treat as gross receipts in the same year u/s 44AD or when the project gets complete after raising the invoice
21 July 2023
When project get completed or invoice date, whichever earlier.
14 September 2024
Good luck.
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