Hi Friends,
Say Client had ₹ 100 credited in Bank Ac for FY 20-21. Out of which ₹ 60 by Bank transfer/UPI/Online mode and Balance ₹ 40 by Cash deposit.
As per Sec 44AD Whether we need to consider ₹ 100 as Bank receipt and taxed @ 6% or ₹ 60 as Bank receipt @ 6% and ₹ 40 as cash receipt @ 8%.
Apart from above Cash deposited into Bank, client had ₹10 Cash not deposited in Bank FY 20-21.
Now what is the Amount for Below:
1. Bank receipt Amount @ 6%
2. Cash receipt Amount @ 8%
CAclubindia
