banner_ad

Presumptive Profit u/s 44AD Cash and UPI sales

This query is : Resolved 
Profile Image

Profile Image

(Querist)
09 July 2024 The return of income for AY 2024-15, for the purpose of income declared u/s 44AD or 44ADA requires breakup of receipts viz. Bank(ECS/Cheque /DD), Cash and UPI ( Other Than ECS/Cheque/DD/Cash)

The assessee desires to declare net profit u/s 44AD @10% which is more than 6% and 8% as prescribed and instead of filling breakup of receipts puts entire receipts in the cash column.

My query is whether the Assessing Officer may claim that what has been declared in the cash column is not your total receipt of business but it is only the receipt in cash and the receipts in the bank account and valets have escaped assessment as the same has not been so reported.

Please advise. Thanks
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
10 July 2024 Yes, that is why two columns are given separately.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details