Computation of income


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Querist : Anonymous

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Querist : Anonymous (Querist)
22 May 2014 Dear Experts,

query:
Stauts : Partnership Firm
Turnover : 1.5 Crore

I will not compute Income u/s 44ad - 8% on Totla Sales becuase my turnover is more than 1 crore

I will not compute my income applying PGBP provisions i.e Income - Expenses

Is there any other method to compute income and pay tax on the same????


Rupesh Jain (Expert)
22 May 2014 you have to maintain books of accounts and take audit report u/s 44AB. and then you have to file return with audit report.

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 May 2014 Any method like Capital Appreciation is available to compute Income and pay tax under Income Tax Act?

Rupesh Jain (Expert)
22 May 2014 no , method available as you mention.


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