Gross receipt u/s 44ada includes loan credited in bank a/c

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ca
45 Points Posted on 22 August 2019

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

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On 22 August 2019 at 17:32 Report
Replies (4)
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SEO Sai Gr. Hosp.
121488 Points Posted on 22 August 2019

Loan amount is not added to turnover.

He is otherwise eligible for sec. 44ADA.....

1 Reply
On 22 August 2019 at 17:34
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ca
45 Points Posted on 22 August 2019

Thanks a lot Sir !!

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On 22 August 2019 at 17:49
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10683 Points Posted on 22 August 2019
in your case it is 44AD and not 44ADA
Turnover is nothing but SALES. Loan amount is not Sales.
The turnover or gross limits under 44AD is 2 crore
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On 22 August 2019 at 18:09
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ca
45 Points Posted on 22 August 2019
my client is a professional..hence its 44ada
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On 22 August 2019 at 18:35

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