11 April 2011
Mr X has commision receipts from a hotel for intriducing client, of Rs 8 lacs.. He has incurred expenditure of Rs 1 lac, with a net profit of Rs. 7 lacs.
whether sec 44 AD can be made applicable to him.. Then his deemed to be income will be Rs 64000.. Is this correct?
11 April 2011
Yes ur correct, as presumptive rate of tax is @ 8% for those whose turnover is below 60 lakhs. As in ur case its just 8 lacs to 64000. Is right.
CAclubindia
