Presumptive taxation

Sheena Maheshwari (ARTICLESHIP) (240 Points)

09 February 2012  

 

If the turnover from business of an individual assessee does not exceed 60 lakhs

And he has made payments u/s 40a(i) /40a(ia) such as interest without deducting tax at source

Then does any disallowance arise in respect of these payments?

My View: no as the assessee will opt for presumptive taxation. So all adjustments are deemed to have been made. 

pls help n tell me if i am correct