44ad
This query is : Resolved
13 August 2013
According to income tax section 44AD while consideration of gross business turnover/sales to declare 8% net profit on gross sales, whether gross sale have to take with vat or only gross value.
example
a) Sales is 10000/-(without vat sales)
b) Sales is 10500/-(with vat sales)
but when we are preparing trading account considering only without vat gross sales(a)
example
a) Sales is 10000/-(without vat sales)
b) Sales is 10500/-(with vat sales)
but when we are preparing trading account considering only without vat gross sales(a)
CA UMESH DULAL
(Expert)
13 August 2013
VAT is to be included
13 August 2013
u should take b) with vat Rs 10,500
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