Calculation u\s 44ad
raheev
(Querist) 25 April 2012
This query is : Resolved
gud afternoon sir,
i have a query that plz clear me that my calculation u\s 44ad is right or wrong
turn over- 24 lakh
profit @ 8%(2400000*8/100)= 192000
lic - 20000
than total income (192000-20000)= 172000
than my query is that my tax liablty will be nill
A V Vishal
(Expert) 25 April 2012
Yes, the liability will be nil
raheev
(Querist) 25 April 2012
i also paid salary to my driver than what role of salary
Suhail A.Siddiqui
(Expert) 25 April 2012
U/S 44AD IS PRESUMPTIVE TAX,ALL EXPENSES ARE COVERED WITH THE 92% AND 8% IS NET TAXABLE. YOUR CALCULATION IS CORRECT.
C. P. CHUGH
(Expert) 27 April 2012
Your calculations are absolutely right in case the turnover of INR 24.00 lacs belongs to the business you have been carrying on. In case you happen to be a professsional or turnover relate to earning by way of commission or brokerage, then presumptive taxation under section 44AD does not allow you and you are required to maintain books of accounts and report whatever income you are earning out of those profession.
VARUN MAHAJAN
(Expert) 28 April 2012
turn over- 24 lakh
profit @ 8%(2400000*8/100)= 192000
actual @ (what ever) xxxxxx
take out which ever is higher
8% is lowest but moreover you can show voluntarily
than you get deduction after wards
