Pink & Pink is a Proprietorship firm of Pingajee, resident in India having turnover from manufacturing and sale of Toys for the financial year 2019-20 of ₹160 lakh. The gross turnover of ₹160 lakh includes the amount
CS Executive · Tax Laws · PYQS · December 2020
Pink & Pink is a Proprietorship firm of Pingajee, resident in India having turnover from manufacturing and sale of Toys for the financial year 2019-20 of ₹160 lakh. The gross turnover of ₹160 lakh includes the amount of ₹60 lakh received through electronic clearing system/RTGS/NEFT. The accounts are being not properly maintained by Pingajee and therefore he wants to pay tax on the income to be computed under section 44AD of Act. Advise Pingajee, as to the amount of income on which he will be required to pay tax for A.Y. 2020-21 as per section 44AD :
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income from Business or Profession
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