Dee & Co. is a partnership firm which filed its return of income by opting section 44AD for the assessment year 2017-18. It filed its return of income as per regular provision by getting the books of account audited
CS Executive · Tax Laws and Practice · PYQS · December 2019
Dee & Co. is a partnership firm which filed its return of income by opting section 44AD for the assessment year 2017-18. It filed its return of income as per regular provision by getting the books of account audited u/s 44AB for the assessment year 2018-19 with profit of ₹70,000. For the assessment year 2019-20 its income as per section 44AD is ₹4,80,000 and its income as per regular provisions is ₹6,30,000. What would be the income which is chargeable to tax for the assessment year 2019-20?
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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