Radhey a trader having turnover of ₹ 90,00,000 from textile business inclusive of turnover of ₹ 20,00,000 carried through banking channel by way of drafts and on-line payments had opted to pay tax as per section 44AD of the Income Tax Act. The amount of income which shall be taken for the purpose of tax for Asst. Year 2020-21 under the head income from business and profession is
A. ₹ 9,00,000
B. ₹ 6,80,000
C. ₹ 7,20,000
D. ₹ 5,40,000
Answer:B
Radhey a trader having turnover of ₹ 90,00,000 from textile business inclusive of turnover of ₹ 20,00,000 carried through banking channel by way of drafts and on-line payments had opted to pay tax as per section 44AD of the Income Tax Act. The amount of income which shall be taken for the purpose of tax for Asst. Year 2020-21 under the head income from business and profession is
A. ₹ 9,00,000 B. ₹ 6,80,000 C. ₹ 7,20,000 D. ₹ 5,40,000