Government has made its mind Reduce Existing Rate of Deemed Profit u/s 44AD from 8% to 6% in respect of amounts/receipts through banking channel/digital
As per latest CBDT Press Release dated 19-12-2016:
Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Rupees Two Crore or less, the profit is deemed to be 8% of the total turnover.
