SECTION 44AB(a) AND 44ab(a) PROVISION

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Audit Senior
24 Points Posted on 22 December 2020

Which section should be opted in case if an Assessee having Turnover of Rs 4 Crore and having 99% transactions through online, and he wants to go for lesser income tax rates than presumptive tax. Please suggest which section should be opted in Audit Form 3Cb 3CD !! Is it 44AB(a) or Proviso to 44AB(a) ?? 

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On 22 December 2020 at 12:00 Report
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This discussion explores the correct section to choose for an assessee with a turnover of £4 crore and 99% online transactions, who wishes to opt for lower income tax rates than presumptive tax. The core question is whether to use Section 44AB(a) or the Proviso to Section 44AB(a) for Audit Form 3CB-3CD, considering that both sales and payments must exceed 95% for the Proviso.

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19 Points Posted on 22 December 2020
Proviso of 44AB(A)
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On 22 December 2020 at 15:53
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student
77 Points Posted on 23 December 2020
Just keep In mind not only sales or revenue but also payment should also be above 95%
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On 23 December 2020 at 01:25

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