Dear Members,
There was a notification in December 2016 after the demonetisation that Presumptive income under Section 44AD would be calculated at 6% of the total turnover on digital transactions. Is this applicable for all transactions done in Financial Year 2016-17 i.e.1st April 2016 to 31st March 2017?
Please advice.
Regards
Chandana
Yes, it is applicable for F.Y.2016-17
Thank you very much for the clarification.
Always Welcome Sir
Kindly note that the said ammendment has been put forward in the Budget 2017. Hence the same is applicable for FY 2017-18 only.
Clause 21 of Finance Bill 2017 as mentioned on the Income Tax website says the amendment will take effect on 1st April 2017 and will apply in relation to assessment year 2017-18 onwards. Is there any notification clarifying this?
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