Presumptive Profit u/s 44AD Cash and UPI sales
This query is : Resolved
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
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
10 July 2024
Yes, that is why two columns are given separately.
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