Section 44 ad on individuals

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 January 2014 Dear Sir

I am an individual running a business my annual turnover is 80 lacs.I want to opt for presumtive taxation for the A.Y 2013-14 and I want to file my returns on febuary 2014.I want to how much tax should I pay on febrary.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 January 2014 Presumptive tax u/s 44AD is taxed @ 8% of turnover and tax is payable as per slab rates after adding other income, if any and giving deduction under chapter VI-A. Further since you are offering income u/s 44AD you are liable for interest u/s 234A only and not for 234B & c.