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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????
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Rupesh Jain

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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?
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Rupesh Jain

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