Income tax

Others 275 views 3 replies

SIR

  MR .A. RUN OF TWO TRADE (ONE TRADE NAME IS  XR STEEL AND OTHER TRADER NAME XR STEEL HOUSE) BOTH TOTAL TURNOVER SALES. RS.80.00LAKHS. FOR ASST-YEAR 2019-20  CURRENT ASST-YEAR 2020-21  SALES RS. 120.OO LAKHS

IN THIS SALES  AMOUNT RS.61.00 LAKSH   RECEIVED 6% DIGITALLY 

BAL AMOUNT of CASH  RECEIVED

IF SELECT OF 44AD  TAX AUDIT? OR 4AD PRESUMPTIVE TAX. OR 8.5% DECLARE ON SALES  AMOUNT  RS.80.00.LAKHS

THNAKS  

 

Replies (3)
44AB applicable because for AY 20-21 amount exceeds 1 cr
For current FY 2019-2020 you can opt for 44AD.

Under 44AD minimum 6% on digital sales of 61 lakhs and 8% on balance 59 lakhs cash sales (out of 160 lakhs) OR actual profit whichever is higher , you will have to declare.

SIR

 MY QUESTION IS ASST-YEAR 2019-20   FILING  TYPE SELECTED FOR 44AD TAX AUDIT? OR 8% INCOME DECLARED ON SALES?


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details