Presumptive tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 June 2015
I AM OWNER OF 5 BUS CARRYING PASSENGER LOCALLY WHETHER I CAN DECLARE MY INCOME ON PRESUMPTIVE BASIS IF YES WHAT IS THE MNTHLY INCOME PER BUS TO BE DECLARE FOR THE FINANCIAL YEAR 2014-15.
07 June 2015
If your total turnover is less than 1 crore you will be covered under presumptive taxation u/s 44AD. It is not based on per bus income but you have to declare minimum 8% profit on turnover.
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