New update in 44AD
This query is : Resolved
binu sukumaran
(Querist)
07 February 2025
Sir.
I heard new update in Income tax for small business group.
1. No income tax for income up to Rs. 12 lakhs under new tax regime.
our business turn over is around 1.75 crores . and 100% online fund transfer . taxable income comes (6%) 10.50 lakhs . in this case ,whether need to pay income tax .
2. turn over limit is increase from 2 crores to 3 crores .
is it correct .
Please advise
with regards
Binu
I heard new update in Income tax for small business group.
1. No income tax for income up to Rs. 12 lakhs under new tax regime.
our business turn over is around 1.75 crores . and 100% online fund transfer . taxable income comes (6%) 10.50 lakhs . in this case ,whether need to pay income tax .
2. turn over limit is increase from 2 crores to 3 crores .
is it correct .
Please advise
with regards
Binu
Dhirajlal Rambhia
(Expert)
07 February 2025
1. Correct, for individual & HUF; from AY 2026-27.
2. Yes. The increase in limits is subject to a condition that 95% of the receipts must be through online modes. Applicable even for FY 2024-25.
2. Yes. The increase in limits is subject to a condition that 95% of the receipts must be through online modes. Applicable even for FY 2024-25.
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