25 April 2017 Retailer should pay less than Rs 200000/- in respect of single bill to wholesaler otherwise wholesaler will invite penalty. In other words the single bill shall not be of Rs 2 Lakhs or more. As for the retailer cash purchases would also amount to expenses as per a supreme court judgment so if retailer is claiming purchase as expenses in return such as in the case of audited return u/s 44AB then cash limit is Rs 10000/- as per section 40A(3).

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monika

monika (Querist)

27 April 2017 IF ANY ASESEE WHO ARE NOT AUDITED U/S 44AB
AND CHOOSING OPTION 44AD ( 8%) AND FILE ITR 4S
WILL PROVISION OF 40A(3) APLIED OR NOT ?

monika

monika (Querist)

28 April 2017 ANY ASSESE WHO IS NOT IN AUDITED UNDER SECTION 44AB
AND CHOOSING OPTION OF 44AD ( 8%) AND FILE ITR 4S
WILL PROVISION OF 40A(3) WILL APLY ON THAT ASESEE OR NOT ?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

28 April 2017 Though section 40A(3) does not speak of the same but technically since his accounts are not audited and he is filling return under presumptive taxation scheme u/s 44AD, he is anyway not allowed to claim expenses separately. As all expenses are deemed to have been allowed within the minimum rate of net profit of 8%. So as long as he is declaring 8% net profit, ection 40A(3) has no relevance for him.

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