Presumptive Taxation u/s 44AE
This query is : Resolved
02 December 2010
Presumptive taxation of 8% of Gross receipts extended to all
businesses except business covered u/s 44AE from 01.04.2011. Does this mean that assessees have to pay tax @ 8% of their turnover ?
businesses except business covered u/s 44AE from 01.04.2011. Does this mean that assessees have to pay tax @ 8% of their turnover ?
CA Navin Jain
(Expert)
02 December 2010
Tax is payable at normal tax rates applicable to the assessee. 8% of the total turnover will be presumed income.
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