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34. M/s ABC, an eligible assessee, following mercantile system of accounting, carrying on eligible business...

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Accounting

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34. M/s ABC, an eligible assessee, following mercantile system of accounting, carrying on eligible business under section 44AD provides the following details: Total turnover for the financial year 2020-21 is * 130 lakh Out of the above: 25 lakh received by A/c payee cheque during the financial year 2020-21; * 50 lakh received by cash during the financial year 2020-21; * 25 lakh received by A/c payee bank draft before the due date of filing of return; * 30 lakh not received till due date of filing of return. What shall be the amount of deemed profits of M/s ABC under section 44AD(1) for A.Y. 2021-22? (a) * 10.4 lakh (b) * 7.0 lakh (c) * 5.5 lakh (d) * 9.4 lakh

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