HSP, an eligible assessee, following mercantile system of accounting and carrying on eligible business as specified in section 44AD of the Act provides the following details relating to the business carried out during th
CS Executive · Tax Laws · PYQS · December 2021
HSP, an eligible assessee, following mercantile system of accounting and carrying on eligible business as specified in section 44AD of the Act provides the following details relating to the business carried out during the year ended on 31.3.2021: (i) Total turnover of business ₹120 lakh (ii) Out of the total turnover of ₹120 lakh amount of ₹25 lakh received by account payee cheques, ₹40 lakh received by cash up-to March, 21 but amount of ₹25 lakh received by account payee bank drafts in May, 2021 and amount of ₹30 lakh would not be received till due date of filing of return for A.Y. 2021-22. The amount of deemed profits to be declared by HSP as per section 44AD(1) for A.Y. 2021-22 shall be:
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax Act, 1961
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