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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- CCFS 2026 Schemed
- ECO SUPPLY REPORTIONG IN GSTR-1
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- House Property Reporting in ITR
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
