Ping Pong is a Proprietorship firm of Pinga, resident in India having turnover from manufacturing and sale of Steel balls for the year 2020-21 of ₹ 148 lakh which is inclusive of the amount of ₹ 42 lakh received through electronic clearing system/RTGS/NEFT. The accounts are not properly maintained by Pinga and therefore he wants to pay tax on the income computed under section 44AD of the Act. Advise Pinga, how much income he will be required to pay tax for A.Y. 2021- 22 as per section 44AD :
Question:Ping Pong is a Proprietorship firm of Pinga, resident in India having turnover from manufacturing and sale of Steel balls for the year 2020-21 of ₹ 148 lakh which is inclusive of the amount of ₹ 42 lakh received through electronic clearing system/RTGS/NEFT. The accounts are not properly maintained by Pinga and therefore he wants to pay tax on the income computed under section 44AD of the Act. Advise Pinga, how much income he will be required to pay tax for A.Y. 2021- 22 as per section 44AD :
1.₹ 11,84,000
2.Not allowed to opt 44AD being turnover above ₹ 100 lakh
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