Section 44ad
This query is : Resolved
10 July 2015
Hello All,
I have a doubt regarding the calculation of taxable income for the section 44AD. Is it the gross total income that is calculated or is the income after exemptions of chapter VI. For example, if mr. A has business income of Rs. 400000 and deductions of Rs. 150000. Does he have to pay tax in case of exemption limit being 250000?
I have a doubt regarding the calculation of taxable income for the section 44AD. Is it the gross total income that is calculated or is the income after exemptions of chapter VI. For example, if mr. A has business income of Rs. 400000 and deductions of Rs. 150000. Does he have to pay tax in case of exemption limit being 250000?
10 July 2015
No need to pay tax it is within the basic exemption limit.
11 July 2015
Thank you. but in the above case for the purpose of carrying audit,will the gross total income or the net income after deductions will be considered..
12 July 2015
For audit the gross total income will be taken.
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