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Question ID : 44515

Audit requirement

For the Presumptive scheme of Income Tax Net profits should be 8 % of cash sale and 6 % for sale through Neft/cheques etc How should this be bifurcated as most of the debtors remains unpaid at the time of finalisation of balance sheet

Posted by Mahesh Kumar on Jul 16, 2023


Answer ID : 85105

Bank receipts out of the current year receipts would only qualify for 6% and remaining would be taxable @ 8%. Still difficulties would remain their in arriving actuals

Posted by SURAJ KUMAR CHOUDHARY on Jul 20, 2023
Answer ID : 85112

For non-cash receipts, bank statement should be verified. 6% of such amount credited directly in bank for non-cash sales will be treated as presumptive net profit. Out of remaining amount of sales, 8% will be treated as net profit.

Posted by CA. chunauti dholakia on Jul 26, 2023
Answer ID : 85116

Amount received out of the total turnover in a financial year other than in cash till the due date of filing income tax return u/s 139(1) can be considered for 6% calculation vide proviso to 44AD(1).

Posted by B.CHACKRAPANI WARRIER on Jul 29, 2023