watch_later 28/07/23

A person has made sales for Rs. 23 lakhs in a year and have received total 29 lakhs in his bank account.

Which amount should be declared as gross receipts under section 44AD?

Whether sales or total receipts should be declared under section 44AD?

1 Response | Latest response: 29/07/23 | Sort by Likes(thumb_up) Recent | Income-Tax Reply
watch_later 29/07/23

Section 44AD specifies gross receipts of business. If total receipts are of business, then you need to take receipts as base. However, if bank deposits includes other receipts too, then consider invoice issued total.


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