| Question And Answer | |
|---|---|
| Subject: | receipts |
| Category: | Income-Tax |
| Querist: | xyz |
| Answered by: | Law Intern |
| Tags: | Presumptive Income, Presumptive taxation, Section 44AD, Section 44ADA |
| Date: | August 2, 2025 |
Mr A has not withdrawn any rupee from bank after receiving Rs 50 lacs in bank . What is his income u/s 44ADA ?
Mr B has not withdrawn any rupee from bank after receiving Rs 2.9 cr in bank . What is his income u/s 44AD ?
Whether he has withdrawn the money or not is irrelevant. U/s 44ADA, 50% of the gross receipts is deemed to be income. As regards, s 44AD, there is a turnover limit of ₹2 Cr which is breached.
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