44ad
This query is : Resolved
18 August 2011
My qry is,what net profit should be u/s 44AD, = or < 8% of gross sale + other income i.e interest received, cash discount,Labour received shown in P & L a/c for example if sale of firm Rs. 30.00 lac and interest received Rs. 0.25 lac, Cash discount Rs. 0.38 lac.
minimum Net profit should be Rs. 2.40 lac or 3.03 lac u/s 44AD
Thanks in advance.
minimum Net profit should be Rs. 2.40 lac or 3.03 lac u/s 44AD
Thanks in advance.
18 August 2011
Cash discount can be considered as an item of P&L A/c, whereas Interest, if it is not in the normal course of business , has to be considered under IFOS.
Gross Receipts=30.00+0.38= 30.38 lacs
1. Profit @ 8% 243040
2. Income from Other Sources 25000.
Gross Receipts=30.00+0.38= 30.38 lacs
1. Profit @ 8% 243040
2. Income from Other Sources 25000.
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