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Presumptive taxation u/s 44ad

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(Querist)
05 December 2013 A person is having 60 Lacs of gross sales credited to trading a/c whereas he has received a sum of Rs.1 lac as cash discount from its supplier for timely payment of the purchase bills. The assessee is willing to opt presumptive tax scheme u/s 44AD. What will constitute the gross receipts/ sales / turnovers for applying sec 44AD?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
05 December 2013 Cash discount received from the creditors is not part of the turnover or gross receipt. Rs. 60.00lacs can be considered as the turnover.
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