Bank transaction and cash

199 views 4 replies

Rajat Sharma

Accountant

583 Points Joined September 2017

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)

Khush Trivedi

4151 Points Joined July 2023

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

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

196650 Points Joined July 2016

Better to declare the bank receipts under Bank, and not aggregate it with cash receipts.

RAJA P M

"Do the Right Thing...!!!"

128111 Points Joined January 2015

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...