Section 44ad applicability.

This query is : Resolved

mOHIT sONI (Querist)
Follow

20 July 2013 Experts,

-An assessee with T/O below Rs. 10000000/-
-Who shows an income below presumptive rate of 8%,
will,in case his total income exceeds the taxable limit be required to maintain books of accounts and get them audited.

Now my Qu. is,
1. If an individual has T/o below Rs. 10000000/- and his 'TOTAL INCOME' is below taxable limit of Rs. 200000/- 44AD not Appli.
2. Here 'TOTAL INCOME' means total Income from business or Gross total income.

Please if possible also mention written source of your answer.

Thanx.

Rupesh Jain

Rupesh Jain (Expert)
Follow

20 July 2013 U/S 44AD IS NOT LINKED WITH EXEMPTED LIMIT

IT SAY ABOUT YOUR BUSINESS INCOME WILL BE 8% OF SALES IF SALE NOT EXCEEDS rS. 100 LCAS

mOHIT sONI

mOHIT sONI (Querist)
Follow

20 July 2013 So it means an individual who has T/o of Rs.500000/- and net profit of Rs. 10000/- has to pay 40000/-(500000/-*8%) tax.

Rupesh Jain

Rupesh Jain (Expert)
Follow

20 July 2013 NO EXEMPT LIMIT IS rS. 200000/-
YOUR INOCME IS OVER RS. 200000/- AFTER TAKEING DEDUCTION U/S 80 THEN YOU HAVE TO PAY TAX ACCORDING TO TAX SLAB.

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
Follow

20 July 2013
https://taxguru.in/income-tax/provisions-section-44ad-amended-finance-act-2012.html

This will solve your all doubts.......

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Samruddhi Agrawal

Rampal Saini

Raj Jaggi

CA jignesh daiya

vinod

Subscribe Now

Section 44ad applicability.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA