Question

Difference in presumptive income under section 44ad at 6% or 8%

Answer 1

Explanation:

Presumptive Income to be 6% in respect of the amount of such total turnover or gross receipts received by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due datespecified in sub-section (1) of section 139 in respect of that previous year-