Taxation under Section 44AD
This query is : Resolved
12 March 2024
If my business is eligible to avail sec 44AD. According to the section, as per turn over I've to show the profit 8% (cash receipts) / 6% (Digital receipts, Banking Mode). But pls. clarify sale payment rec'd part via. Cheque & balance in TDS
Should I show TDS amount in 6% or 8% ?. Kindly explain
Should I show TDS amount in 6% or 8% ?. Kindly explain
13 March 2024
Show TDS amount in 6%.
13 March 2024
@ Seetharaman Thank u Sir for the reply, also clarify the below:
1) Advance payment rec'd via bank channel 5 years before & Bill made in current year. Tax Slab will be 6% or 8% ?
2) Bad Debts, Outstanding payment will come under 8% right ?
1) Advance payment rec'd via bank channel 5 years before & Bill made in current year. Tax Slab will be 6% or 8% ?
2) Bad Debts, Outstanding payment will come under 8% right ?
13 March 2024
1 6%.
2 8%.
.....
2 8%.
.....
13 March 2024
just a correction here. If you are doing accrual basis. the bad debts should either be reduced from turnover. if you are covered under GST, file a proper credit note to reduce your turnover. For unrealised sales, there is no reason to include it under 8% because it has not been received at all at this stage.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
