Question ID : 29621

Presumptive taxation

In presumptive Taxation,Whether Cheques deposited in asessees account in other cities can come under online payment or only NEFTRTGS payments are covered for 6 percent concession

Answer ID : 65603

Cheque deposited will not be covered.

Answer ID : 65606

In order to promote digital transactions and to encourage small unorganized business to accept digital payments, section 44AD is amended with effect from the assessment year 2017-18 to provide that income shall be computed at the rate of 6 instead of 8 if turnovergross receipt is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date of filing of return under section 139(1).

Answer ID : 66624

If account payee cheque then payment are covered.

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