Section 44 ad
This query is : Resolved
bhavin shah
(Querist)
12 April 2012
Hello............
Que :1 Section 44 AD
I am indiviudal and my self business.
I have 40,00,000 Rs. Turnover Business
I am not maintaining books of accounts.
I choose section 44 Ad
So, 8% on that Rs. 3,20,000
My question is here i invest under 80 C Rs. 1,00,000.
Here My computation is correct? - which mentioned as follow : (A.Y.12-13)
8% On Rs. 40,00,000 = 3,20,000 - 1,00,000(80-c)- 180000 (limit) = Rs. 40,000 Taxable income on that i have to pay tax Rs. 4000 + E.Cess.
Whether my computation is correct ? if no
then pls. explain it.
Que : 2 In above addition - if i am DTA Commission Agent - then whether i am following in section 44 AD ?
Pls. reply on that urgently.
Regards,
Bhavin Shah - bhavin.cma@gmail.com
Que :1 Section 44 AD
I am indiviudal and my self business.
I have 40,00,000 Rs. Turnover Business
I am not maintaining books of accounts.
I choose section 44 Ad
So, 8% on that Rs. 3,20,000
My question is here i invest under 80 C Rs. 1,00,000.
Here My computation is correct? - which mentioned as follow : (A.Y.12-13)
8% On Rs. 40,00,000 = 3,20,000 - 1,00,000(80-c)- 180000 (limit) = Rs. 40,000 Taxable income on that i have to pay tax Rs. 4000 + E.Cess.
Whether my computation is correct ? if no
then pls. explain it.
Que : 2 In above addition - if i am DTA Commission Agent - then whether i am following in section 44 AD ?
Pls. reply on that urgently.
Regards,
Bhavin Shah - bhavin.cma@gmail.com
Dintakurthi Tirumala
(Expert)
12 April 2012
Ans to 1:) Your computation is correct.
Ans to 2:) Yes, All the assessee's whose have income from business(liable to taxable income under the head profits or gains from business) and not liable to tax audit under section 44AB should be offer their income under section 44AD.
OM SAI SRI SAI JAI JAI SAI
Ans to 2:) Yes, All the assessee's whose have income from business(liable to taxable income under the head profits or gains from business) and not liable to tax audit under section 44AB should be offer their income under section 44AD.
OM SAI SRI SAI JAI JAI SAI
Murtaza I Bhagat
(Expert)
13 April 2012
agree with expert
CA PRAVEEN SINGH
(Expert)
13 April 2012
AGREE...
U/S 44AD ALL DEDUCTION DEEMED ALLOWED,WHILE COMPUTING 8% PRESUMPTION PROFIT.EXCEPT 80C TO 80 U....
U/S 44AD ALL DEDUCTION DEEMED ALLOWED,WHILE COMPUTING 8% PRESUMPTION PROFIT.EXCEPT 80C TO 80 U....
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