Income tax return efiling in 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2012
Dear Sir
we want income tax return in 44AD
our concern is profit above 8%
if we are income tax return filling in 44AD can income tax deposit minimum necessary
our concern turnover is 15,00,000 approx
so net profit is 140000 approx and concern is proprietorship concern
can we have deposit some income tax necessary
we want income tax return in 44AD
our concern is profit above 8%
if we are income tax return filling in 44AD can income tax deposit minimum necessary
our concern turnover is 15,00,000 approx
so net profit is 140000 approx and concern is proprietorship concern
can we have deposit some income tax necessary
CA Prashant Gupta
(Expert)
07 July 2012
It is not necessary to deposit tax.
U/s 44Ad you have to declare minimum 8% income, not less than that. if your income is greater than 8% then you have to declare the same. If your income exceed basic exemption limit then only you have to deposit the tax.
U/s 44Ad you have to declare minimum 8% income, not less than that. if your income is greater than 8% then you have to declare the same. If your income exceed basic exemption limit then only you have to deposit the tax.
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