Section 44ad applicability.
This query is : Resolved
mOHIT sONI
(Querist)
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.
-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
(Expert)
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
IT SAY ABOUT YOUR BUSINESS INCOME WILL BE 8% OF SALES IF SALE NOT EXCEEDS rS. 100 LCAS
mOHIT sONI
(Querist)
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
(Expert)
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.
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.
(Expert)
20 July 2013
https://taxguru.in/income-tax/provisions-section-44ad-amended-finance-act-2012.html
This will solve your all doubts.......
https://taxguru.in/income-tax/provisions-section-44ad-amended-finance-act-2012.html
This will solve your all doubts.......
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