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
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TAT Direct tax
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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