Section 44ad
This query is : Resolved
SUBHASH JAIN
(Querist)
31 December 2011
IN THE SECTION 44AD 8% TAX IS LIABLE , IS IT PAYABLE ON GROSS PROFIT OR NET PROFIT.
vipul Shah
(Expert)
31 December 2011
8% is payable on gorss receipt or total turnover
Tapas Ruparelia
(Expert)
31 December 2011
Agreed. 8% of Gross Turnover or Gross Receipts.
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%
Tax rate is not 8% of turnover but net income u/s. 44AD will be considered at 8%
Tapas Ruparelia
(Expert)
02 January 2012
Mr. Prakash is absolutely right. I did not read the question properly in hurry.
thanks for correcting!
thanks for correcting!
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