Matter of calculation

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Guest

Guest (Querist)

25 April 2012 gud afternoon sir,
i have a query that plz clear me that my calculation u\s 44ad is right or wrong

turn over- 24 lakh
profit @ 8%(2400000*8/100)= 192000
lic - 20000
than total income (192000-20000)= 172000
than my query is that my tax liablty will be nill

Guest

Guest (Querist)

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

25 April 2012 you query is already solved

Guest

Guest (Querist)

25 April 2012 sir i also give salary to my driver than what role of salary amt

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

25 April 2012 after using sec 44AD there is no role of any other expense for that business

if you have other source of income then you need to prepare statements & add in income from other sources and file return

if driver salary is for same business for which you are taking deemed profit @ 8%, it is all considered as gross taxable income

sec 44AD means not to calculate all the details like opening stock, purchase,sales,closing income,direct income,indirect income etc. etc.

there is no add subtraction method in only taking gross receipt and taking deemed profit @ 8% on receipts shown as a gross total income less deduction chp. VIA which gives total (net taxable) income on which tax need to be calculate

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