Mr. Siraj engaged in retail trade reports a turnover of ₹ 43 lakhs for the previous year 2018-19. He deposited ₹30,000 in his PPF account held with SBI. Turnover or gross receipts represents amount received by an account payee cheque or an 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 Section 139(1). His total income for the assessment year 2019-20 by applying section 44AD provision is:
A. ₹ 3,14,000
B. ₹ 3,44,000
C. ₹ 2,28,000
D. ₹ 4,00,000
Answer:C
Mr. Siraj engaged in retail trade reports a turnover of ₹ 43 lakhs for the previous year 2018-19. He deposited ₹30,000 in his PPF account held with SBI. Turnover or gross receipts represents amount received by an account payee cheque or an 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 Section 139(1). His total income for the assessment year 2019-20 by applying section 44AD provision is:
A. ₹ 3,14,000 B. ₹ 3,44,000 C. ₹ 2,28,000 D. ₹ 4,00,000