Calculation u\s 44ad

This query is : Resolved

Guest

Guest (Querist)

04 April 2012 gud morning sir,
I m Contractor Of Sweeping Service. My Gross Tootal Income Approx 80 lakh. Plz Tell Me What Is My Total tax Liablity By Given Below Detail

turn over-80 lakh
lic- 40 thousand
salary- 2 lakh

plz calculate my total tax liablity

Thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Since your turnover exceeds Rs. 60 lakhs you are NOT covered u/s 44AD.

Accordingly, you will have to maintain books of accounts and also get the same audited.

For computing your tax liability you will need to compute income from business as under:

Income Rs. 80 lakhs
Less: Expenses

You have not provided details of expenses incurred. Reduce ALL the expenses incurred by you from the income of Rs. 80 lakhs and then give the final figure.

Guest

Guest (Querist)

04 April 2012 but sir in fy year 2012-2013 audit limit increased 100 lakh. and my limit only 80 lakh

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 The limit is applicable from FY 2012-13 and not for FY 11-12.

You have provided the details for which FY?

Guest

Guest (Querist)

04 April 2012 SORRY SIR . THAN SIR MY DETAIL IS GIVEN BELOW

TURNOVER 59 LAKH
SALARY 2 LAKH
LIC 40 THOUSAND

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 This salary is your income or is it your expense?

Guest

Guest (Querist)

04 April 2012 NO I WILL GIVE SALARY TO MY EMPLOYEE

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Ok.

Income from business (59 lakh*8%) 4,72,000
Less: LIC Rs. 40,000
Taxable Income Rs. 4,32,000

Tax 44,500 including cess of 3%.

Guest

Guest (Querist)

04 April 2012 AND SIR SALARY

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 ALL expenses are DEEMED to have been allowed while computing profit u/s 44AD. NO ADDITIONAL EXPENSE IS ALLOWED!!

Accordingly, it is deemed that the salary expense has been allowed while computing the profits.

Guest

Guest (Querist)

04 April 2012 44500 HOW IT IS COME

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Sorry, made a mistake. Tax is Rs. 23,900/- including cess of 3%.

Guest

Guest (Querist)

04 April 2012 HOW IT WILL COME

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 It is for AY 13-14.

Income Rs. 4,32,000 less: exemption Rs. 2 lakhs.

On balance Rs. 2,32,000 tax @ 10% is Rs. 23,200.
Cess @ 3% is Rs. 696

Total is Rs. 23,896 rounded off to Rs. 23,900

Guest

Guest (Querist)

04 April 2012 FOR FY 2011-12 WHT IS MY TAX LIABLITY

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 The tax liability for FY 11-12 is Rs. 26,000/-.

Guest

Guest (Querist)

04 April 2012 slab rate aaplicable on profit

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Since you are an INDIVIDUAL, slab rate is applicable to YOUR total income which inculdes the income from business.

Guest

Guest (Querist)

04 April 2012 supoose I M A PERTENER SHIP THAN WHAT WILL MY TAX

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Tax rate applicable to a partnership firm is flat 30%.

Guest

Guest (Querist)

04 April 2012 THANKS SIR CAN U TELL ME WHICH FORM I WILL USE

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 For individual or for firm?

Guest

Guest (Querist)

04 April 2012 BOTH situation sir

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Individual - ITR 4S
Firm - ITR 5

Message likes : 1 times

Guest

Guest (Querist)

04 April 2012 IF CASE OF FIRM IF PROFIT SHOW UNDER 8 % THAN WHAT WILL USE

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 ITR 5 in both cases. IF section 44AD opted or not opted, ITR 5 is only applicable.

Guest

Guest (Querist)

25 May 2012 In case of u\s44ad for the f.Y 2012 -2013 .if my turnover above 100 lakh .than in this case will i also calculate tax @8%

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