Can 8% profit calculated under section 44AD be lower than the basic exemption limit of 250000/-.
eg. turnover of 3000000/-. its 8% income is 240000/-. since it is below the basic exemption limit of 250000/- hence no tax is payable?
anonymous (proprietor) (244 Points)
12 November 2016Can 8% profit calculated under section 44AD be lower than the basic exemption limit of 250000/-.
eg. turnover of 3000000/-. its 8% income is 240000/-. since it is below the basic exemption limit of 250000/- hence no tax is payable?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166601 Points)
Replied 12 November 2016
True, but that could not be only income. Income from other heads are also added up.
anonymous
(proprietor)
(244 Points)
Replied 12 November 2016
if i have income under only business head, then i dont need to pay any taxes.
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