sir my client bank statement has credited by way of cash deposit by some party's , total cash deposit credit, cheque, neft has totally around RS. 79 lakhs fy 18-19. can I use 44ad @ 6 percent ?
cash deposit by some partys are allowed to use 44ad 6 percent?
pls guide sir
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Sec 44ad digital mode
Replies (7)
No... Cash deposit is not a digitally receipt...
Yes. you can.
do one thing.
1. make a total of deposited amount by way of cheque, neft or some digital mode and show them @ 6%.
2. in the case of cash deposit you can show them @ 8%.
enjoy the life😄
do one thing.
1. make a total of deposited amount by way of cheque, neft or some digital mode and show them @ 6%.
2. in the case of cash deposit you can show them @ 8%.
enjoy the life😄
Suppose out of 79 lakhs, 43 lakhs are only neft, cheque so use 44ad 6 percent ?
Yes... You can seggregate the deposits as Cash and Other than Cash.
After that Calculate 6 percentage to Other than cash mode
&
8 percent to Cash Mode...
After that Calculate 6 percentage to Other than cash mode
&
8 percent to Cash Mode...
Ok sir thank you very much
You are most welcome
44AD does not mean simply 6% or 8%
44AD requires that 6 or 8% as minimum profit to be declared or actual profit whichever is higher.
So do not exactly stick to that %age level.
If in reality it is more, then go for that profit figure.
Segregation is must as that break up of turnover is required to be filled in ITR.
44AD requires that 6 or 8% as minimum profit to be declared or actual profit whichever is higher.
So do not exactly stick to that %age level.
If in reality it is more, then go for that profit figure.
Segregation is must as that break up of turnover is required to be filled in ITR.
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