Deemed profit u/s 44AD - existing rate of deemed total income of 8% reduced to 6% in case of total turnover or gross receipts which is received through banking channel - Budget 2017-18 w.e.f. AY 2018-19

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..... 21 of the Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits and gains of business on presumptive basis. The provisions contained in the said section (as amended by the Finance Act, 2016 ), provides that notwithstanding anything to the contrary contained in sections 28 to 43C , in the case of an eligible assessee engaged in an el .....

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..... earing system through a bank account during the previous year or before the due date specified in sub-section (1) of section 139 in respect of that previous year. However, the existing rate of deemed profit and gains of eight per cent. referred to in the provisions of the said section, shall continue to apply in respect of total turnover or gross receipts received in any other mode. This amen .....

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