Itr u/s 44ad
This query is : Resolved
Rakesh Sharma
(Querist)
09 February 2017
Respected Experts,
Please help me to resolve the below query :-
One of my friend is running proprietor concern & it shall be achieved a turnover around 90 Lacs in F.Y. 2016-17. Also 80% payment recd. through cheque or NEFT / RTGS, 10% to be received through digital payment (chq. or NEFT) & balance 10% (upto 31-01-2017) recd. in cash. It is possible to declare his income from proprietor concern 6% on digital payment % 8% on cash received u/s 44AD as details below :-
- 6% on 72 Lacs (80% of 90 Lacs) = 432000/- (Payment received through cheque or NEFT/RTGS)
- 6% on 9 Lacs (10% of 90 Lacs) = 54000/- (Payment to be received through cheque or NEFT/RTGS)
- 8% on 9 Lacs (10% of 90 Lacs) = 72000/- (Payment received in cash)
Can we do the above in f.y. 2016-17.
Please advise.
Regards,
Rakesh Sharma
Please help me to resolve the below query :-
One of my friend is running proprietor concern & it shall be achieved a turnover around 90 Lacs in F.Y. 2016-17. Also 80% payment recd. through cheque or NEFT / RTGS, 10% to be received through digital payment (chq. or NEFT) & balance 10% (upto 31-01-2017) recd. in cash. It is possible to declare his income from proprietor concern 6% on digital payment % 8% on cash received u/s 44AD as details below :-
- 6% on 72 Lacs (80% of 90 Lacs) = 432000/- (Payment received through cheque or NEFT/RTGS)
- 6% on 9 Lacs (10% of 90 Lacs) = 54000/- (Payment to be received through cheque or NEFT/RTGS)
- 8% on 9 Lacs (10% of 90 Lacs) = 72000/- (Payment received in cash)
Can we do the above in f.y. 2016-17.
Please advise.
Regards,
Rakesh Sharma
CA R SEETHARAMAN
(Expert)
09 February 2017
Yes you can do it, rightly worked out.
09 February 2017
The presumptive rate of 6% u/s 44AD, proposed in the recent budget for digital transactions will apply wef FY 2017-18.
CA R SEETHARAMAN
(Expert)
10 February 2017
It is applicable from FY 2016-17 and on wards.
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