Income tax

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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?


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