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.
CAclubindia
