Section 44ad applicability.
This query is : Resolved
20 July 2013
Experts,
-An assessee with T/O below Rs. 10000000/-
-Who shows an income below presumptive rate of 8%,
will,in case his total income exceeds the taxable limit be required to maintain books of accounts and get them audited.
Now my Qu. is,
1. If an individual has T/o below Rs. 10000000/- and his 'TOTAL INCOME' is below taxable limit of Rs. 200000/- 44AD not Appli.
2. Here 'TOTAL INCOME' means total Income from business or Gross total income.
Please if possible also mention written source of your answer.
Thanx.
-An assessee with T/O below Rs. 10000000/-
-Who shows an income below presumptive rate of 8%,
will,in case his total income exceeds the taxable limit be required to maintain books of accounts and get them audited.
Now my Qu. is,
1. If an individual has T/o below Rs. 10000000/- and his 'TOTAL INCOME' is below taxable limit of Rs. 200000/- 44AD not Appli.
2. Here 'TOTAL INCOME' means total Income from business or Gross total income.
Please if possible also mention written source of your answer.
Thanx.
20 July 2013
U/S 44AD IS NOT LINKED WITH EXEMPTED LIMIT
IT SAY ABOUT YOUR BUSINESS INCOME WILL BE 8% OF SALES IF SALE NOT EXCEEDS rS. 100 LCAS
IT SAY ABOUT YOUR BUSINESS INCOME WILL BE 8% OF SALES IF SALE NOT EXCEEDS rS. 100 LCAS
20 July 2013
So it means an individual who has T/o of Rs.500000/- and net profit of Rs. 10000/- has to pay 40000/-(500000/-*8%) tax.
20 July 2013
NO EXEMPT LIMIT IS rS. 200000/-
YOUR INOCME IS OVER RS. 200000/- AFTER TAKEING DEDUCTION U/S 80 THEN YOU HAVE TO PAY TAX ACCORDING TO TAX SLAB.
YOUR INOCME IS OVER RS. 200000/- AFTER TAKEING DEDUCTION U/S 80 THEN YOU HAVE TO PAY TAX ACCORDING TO TAX SLAB.
20 July 2013
http://taxguru.in/income-tax/provisions-section-44ad-amended-finance-act-2012.html
This will solve your all doubts.......
http://taxguru.in/income-tax/provisions-section-44ad-amended-finance-act-2012.html
This will solve your all doubts.......
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