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?
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 12 November 2016
True, but that could not be only income. Income from other heads are also added up.
anonymous
(proprietor)
(248 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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