Amendment of section 44AD
Special provision for computing profits and gains of business on presumptive basis.
In section 44AD of the Income-tax Act, in the Explanation, in clause (b), after sub-clause (ii), the following provisos shall be inserted. effect from the 1st day of April, 2024, namely:–
‘Provided that where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent. of the total turnover or gross receipts of such previous year, this sub-clause shall have effect as if for the words “two crore rupees”, the words “three crore rupees” had been substituted.
Provided further that for the purposes of the first proviso, the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash.
Amendment of section 44ADA
Special provision for computing profits and gains of profession on presumptive basis.
In section 44ADA of the Income-tax Act, after subsection (1), the following provisos shall be inserted. effect from the 1st day of April, 2024, namely:––
‘Provided that in case of an assessee where the amount or aggregate of the amounts received during the previous year, in cash, does not exceed five per cent. of the total gross receipts of such previous year, this sub-section shall have effect as if for the words “fifty lakh rupees”, the words “seventy-five lakh rupees” had been substituted.
Provided further that for the purposes of the first proviso, the receipt of amount or aggregate of amounts by a cheque drawn on a bank or by a bank draft, which is not account payee, shall be deemed to be the receipt in cash.
- What Do Guys Discover Attractive In Females? | Have The Chap
- 10 Greatest Ebony Dating Apps And Sites To Utilize In 2022
- British African Internet Dating Sites: Love Connects Continents
- Leviability of Service Tax on the declared service “Agreeing to theobligation to refrain from an act, or to tolerate an act or a situation, or to do an act”under clause (e) of section 66E of the Finance Act, 1994
- Old and New Consumer Protection Laws: A Detailed Analysis