Presumtive tax u/s.44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2012
My client has a turnover of Rs. 46,97,408/-.
This figure also contains VAT & Service tax of Rs.5,88,767/-.Now for the purpose of Calculating presumtive tax @8% on turnover the sales should be net Rs.41,08,641/- or Rs.46,97,408/
Please clarify
This figure also contains VAT & Service tax of Rs.5,88,767/-.Now for the purpose of Calculating presumtive tax @8% on turnover the sales should be net Rs.41,08,641/- or Rs.46,97,408/
Please clarify
27 May 2012
For calculating Presumptive Income the phrase " Total Turnover or Gross Receipts" in reference to a business has been used in Section 44AD. Considering the same 46,97,408/- has to be considered as Total turnover.
.
Please refer the following link also -
https://taxguru.in/income-tax-case-laws/service-tax-will-be-included-in-turnover-for-the-calculation-of-presumptive-profit.html
.
Please refer the following link also -
https://taxguru.in/income-tax-case-laws/service-tax-will-be-included-in-turnover-for-the-calculation-of-presumptive-profit.html
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