Matter u/s 44ad

This query is : Resolved

Guest

Guest (Querist)

25 May 2012 good evenng to all experts sir
can you calculate that what will be my total tax liablity
turn over - 15000000
salary- 500000
depriciation 10000
than sir can calculate my tax liablity for the fy. 2012-2013.if my turn over upto 100 lakh than i will calculate tax @ 8% and u/s 44ad but sir turnover above 100 lakh. so plz help me sir

Prakash Kochar

Prakash Kochar (Expert)
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26 May 2012 Income u/s. 44AD can be shown only if the turnover is below the limit liable for audit u/s. 44AB. In your case income can not be declared u/s. 44AD.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 May 2012 Your total income will be Rs. 1,49,90,000

Tax will be calculated as per the slab rate.

Tax liability amounts to Rs. 44,56,810 (including cess).

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Prakash Kochar

Prakash Kochar (Expert)
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27 May 2012 Dear expert,
Unable to understand.Kindly explain the calculation for arriving income.

Guest

Guest (Querist)

28 May 2012 good morning sir,
i have a query abt. income tax. supoose a salaried class man is total salary 240000. than my query is that supoose he rec. salary only 230000. than when i will fill return thn what total income i will show 240000 my actual salary or rec. salary

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 May 2012 Will Rs. 10,000 be paid to him or it has been deducted permanently (will not be paid at all)?

If it will be paid in the next year, then salary income will be Rs. 2,40,000.

If it will not be paid at all, then salary income will be Rs. 2,30,000.

Guest

Guest (Querist)

28 May 2012 MEANS I WILL SHOW TOTAL SALARY WHICH I REC. I M RIGHT SIR

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 May 2012 You will show total salary received if the employee DOES NOT HAVE A RIGHT TO RECEIVE THE BALANCE SALARY.

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