TAT Direct tax

192 views 1 replies
For Example

Case 1: Mr Poorna Jain having a business turnover rupees 1 crore 50 lacs ( 1,50,00,000) she is in under tax audit ,so (1,50,00,000*8/100) =12,00,000 ...can a Poorna Jain shows is income Rs 12 lakh it is correct or not???? ( Cash received transactions)..



case number 2: again poorna Jain have rupees 5 lakh for bank transaction and digital transaction, does poorna Jain shows is income at 6%???


8 % for Cash transaction


6% for Digitally and bank transaction..



please tell me this is correct or not
Replies (1)

Yes correct, but when declared under presumptive assessment (sec. 44AD of act).

In that case tax audit not applicable.

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