Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means

Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means https://www.taxtmi.com/news?id=17126 The government reduced the deemed profit rate under section 44AD for the portion of total turnover or gross receipts received through banking channels or digital means for the specified financial year, while the existing deemed rate continues to apply to receipts received in cash; the change is to be effected by amendment in the Finance Bill. en-us Mon, 19 Dec 2016 16:29:53 +0530 Mon, 19 Dec 2016 16:29:53 +0530 TaxTMI RSS Generator Government decides to reduce the existing rate of deemed profit under section 44AD of the Income Tax Act in respect of amounts/receipts through banking channel/digital means https://www.taxtmi.com/news?id=17126 The government reduced the deemed profit rate under section 44AD for the portion of total turnover or gross receipts received through banking channels or digital means for the specified financial year, while the existing deemed rate continues to apply to receipts received in cash; the change is to be effected by amendment in the Finance Bill. News - Mon, 19 Dec 2016 16:29:53 +0530 https://www.taxtmi.com/news?id=17126