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Section 44ad

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(Querist)
31 December 2011 IN THE SECTION 44AD 8% TAX IS LIABLE , IS IT PAYABLE ON GROSS PROFIT OR NET PROFIT.
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vipul Shah

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vipul Shah (Expert)
31 December 2011 8% is payable on gorss receipt or total turnover
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Tapas Ruparelia

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Tapas Ruparelia (Expert)
31 December 2011 Agreed. 8% of Gross Turnover or Gross Receipts.
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Prakash Kochar

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Prakash Kochar (Expert)
02 January 2012 U/s. 44AD net income from eligible business will be taken @8% of turnover or receipt. Along with other income and considering deduction under chapter VI taxable income will be calculated on which tax is payable at specified rate.

Tax rate is not 8% of turnover but net income u/s. 44AD will be considered at 8%
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Tapas Ruparelia

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Tapas Ruparelia (Expert)
02 January 2012 Mr. Prakash is absolutely right. I did not read the question properly in hurry.
thanks for correcting!
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