Hi all
The limit u/s 44ADA states T.O. or Gross Receipt should not exceed 50lakhs
My Query is
1) What does Gross Receipt Mean ?
Does it Mean all the credits in bank A/c including Loan taken
Eg. T.O. ie sale is 40lakh (<50lakh)
and
Loan taken in C.Y. is 25 lakh
thus total Credits in Bank A/c is 65 lakh (>50lakh)
Is the Assesse eligible for the benefit of 44ADA ?
Thanks in Advance
CAclubindia
