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44 AD

02 June 2017

mr x engaged in retails
reported turnover rs 43lakhs P.Y. 16-17
he deposited rs 30000 in PPF with SBI.
his total income for A.Y 17-18 by 44AD

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4 Replies

Ashish Gangawani (Chartered Accountant) (88 Points)
Replied 02 June 2017

4300000×8%=344000-30000=314000

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 02 June 2017

Agreed with Ashish Gangawani. Income will be Rs.314000/-

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Poltu Ghosh (Job) (1865 Points)
Replied 02 June 2017

if the turnover is made in digital mode I.e other than cash then sales to the extent of digital sales will attract 6% instead of 8%

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CA.Sourabh Sethia (CA (Practice)) (2574 Points)
Replied 02 June 2017

Assuming Sales Other than Cash mode income u/s 44AD will be 6% of turnover 43,00,000 X 6% = 2,58,000 Gross Total Income =2,58,000 Less: Deduction u/s 80C =30,000 Total Income =2,28,000 Assuming Sales in Cash income u/s 44AD will be 8% of turnover 43,00,000 X 8% = 3,44,000 Gross Total Income =3,44,000 Less: Deduction u/s 80C =30,000 Total Income =3,14,000

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