Section 44ad(8% minimum or maximum?)
This query is : Resolved
19 March 2012
Can we pay tax @ 8% on gross receipts even though actual net profit is above 8%?. For example, if my business turnover is 40 lacs and my actual profit is 10 lacs; now, can i pay tax on 3.2 lacs (8% of 40 lacs) and enjoy the actual profit?
19 March 2012
I would be of the opinion that NO - tax shall be payable on minimum 8% of the TO or actual profit made .. whichever is higher..
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