Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

Income tax - itr -4 sugam

chirag (job) (107 Points)

28 April 2017

Dear Sir, I have the query in New ITR-4 Sugam Through a/c payee cheque or a/c payee bank draft or bank electronic clearing system received before specified date IN SB -BP DETAILS OF INCOME FROM BUSINESS OR PROFESSION wt is meaning ? Chirag Mistry

Reply
Follow
Share

5 Replies

Poltu Ghosh (Job) (1865 Points)
Replied 28 April 2017

this means total receipts of sale in cheque or other banking channels. it does not include receipts of sales in cash. then tax rate is 6% instead of 8%

Upgrade to CAclubindia Pro. Subscribe Now!

SUNEEL KUMAR (Sr. Accounts & Finance Executive) (163 Points)
Replied 29 April 2017

if your business receipts are by chq / NEFT / RTGS / Other Electronice mode then your TAX laibility will be calulated @ 6% instead of 8%

if your business receipts are by cash mode then your TAX laibility will be calulated @ 8% only

chirag (job) (107 Points)
Replied 29 April 2017

Dear Sir,

Thank you for information but sir Wt is meaning of

Through a/c payee cheque or a/c payee bank draft or bank electronic clearing system received before specified date

Chirag Mistry

Poltu Ghosh (Job) (1865 Points)
Replied 29 April 2017

please refer to proviso to section 44AD(1). you will get the answer.
it means the due date specified for filing of. return u/s 139(1).
the extract of the proviso is given under
....... during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year.

Krishna Singh (CA) (20 Points)
Replied 26 June 2017

In order to promote digital transactions and to encourage small unorganized business to accept digital payments, it is proposed to amend section 44AD of the Act by reducing the existing rate of deemed total income of 8% to 6% in respect of the amount of such total turnover or gross receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year.