U/s 44ad
This query is : Resolved
18 July 2014
My client is doing business of export, during the FY 2013-14 his gross receipts of Rs.50.00 lakhs covered u/s 44AD and adopted 8% of Inocme Rs.4.00 lakhs. An amount of Rs.52.00 lakhs was received from the export dealer and Rs.2.00 lakhs shown as excess receipt of dollers fluctuation. Can we add this amount of Rs.2.00 lakhs with gross receipts or show as other income under currency fluctuation.
18 July 2014
Rs.2 lakhs has to be added to the gross receipts.
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