Measures for promoting digital payments in case of small unorganized businesses :
| CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
| 15 | Measures for promoting digital payments in case of small unorganized businesses |
44AD | AMENDED | 01st April 2017 (A.Y. 2017-18) |
It is proposed to amend section 44AD of the Act to reduce the existing rate of deemed total income of 8 per cent to 6 per cent in respect of the amount of such total turnover or gross receipts Received by an account payee cheque or account payee bank draft or use of electronic clearing 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. Thus, there will be dual tax rates of 8% in respect of |