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Bank transaction and cash
Sir I want to know that can I show the gross receipts received in the shape of cash receipt and bank transferred fill in the column of cash receipt in income tax return and show the profit more than 8% under the presumptive scheme under section 44AD.My gross receipts from cash and bank transferred does not more than 40.00 Lac and I have filed my income tax returns under the presumptive scheme under section 44AD.Thanks
Replies (4)
Quick Summary
Yes you can File ITR 4 for the same as for which you have to separate Cash & bank receipts as Under section 44ADA minimum profit % is required to be reported is 8% of the turnover( 6% in case of digital receipts and payments)
Budget 23 has also amended the limits under section 44ADA from 50 Lakhs to 75 Lakhs
if your total Receipts is within the mentioned limit you can report the minimum percentage of profit as your taxable Profit & gains from business & profession as said above
Budget 23 has also amended the limits under section 44ADA from 50 Lakhs to 75 Lakhs
if your total Receipts is within the mentioned limit you can report the minimum percentage of profit as your taxable Profit & gains from business & profession as said above
Better to declare the bank receipts under Bank, and not aggregate it with cash receipts.
Yes I agreed with Mr Dhirajlal Rambhia Sir.
@ Mr Rajat Sharma,
If Your business is eligible for presumptive scheme then You can file.
Also better to segregate Your receipts like bank and cash. It's very useful for showing tax percentage as 6% for bank receipt and 8% for cah receipt.
Note: Sec 44AD and 44ADA is different. don't confused about these...
@ Mr Rajat Sharma,
If Your business is eligible for presumptive scheme then You can file.
Also better to segregate Your receipts like bank and cash. It's very useful for showing tax percentage as 6% for bank receipt and 8% for cah receipt.
Note: Sec 44AD and 44ADA is different. don't confused about these...
Thanks to all
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