Turnover u/s.44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 May 2017
My total Turnover is Rs.27.00 lac during the financial Year 2016-17. Out of which, I have received Rs.25.50 lac vide cheques and 1.50 lac remaining receivable..May I declare income @ 6% on Rs.25.50 lac and 8% on Rs.1.50 lac u/s.44AD ? The outstanding amount of Rs.1.50 lac has been received by me in April,2017 vide cheque.
CA. Amit G. Chandani
(Expert)
03 May 2017
The amount received before the date of filing return will also be considered for 6% profit for FY 16-17, so 1.50 lakh is also taxable at 6% for FY 16-17.
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