Presumtive iax
This query is : Resolved
15 July 2016
Under the scheme of presumtive tax we have to calculate eight percent income and pay tax.
However whether basic exemption under IT act is allowed on this income or not.
However whether basic exemption under IT act is allowed on this income or not.
Amol S Joglekar
(Expert)
15 July 2016
basic exemption is very much available......
(For the sake of clarity......the rule is 8 % or higher sum as declared by the assessee)
(For the sake of clarity......the rule is 8 % or higher sum as declared by the assessee)
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