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)
13 August 2013
VAT is to be included
13 August 2013
u should take b) with vat Rs 10,500
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