Section 44AD of the I. Tax Act
This query is : Resolved
Mahesh Kakoo
(Querist)
18 May 2011
Dear Colleagues,
Reference = Section 44AD of the I. Tax ACt 1961
Net Profit @ 8% of Total Turnover of Sales / Gross Receipts is to be declared under presumptive taxation (Sec 44AD)
Can any one clarify exact definition of Total Turnover of Sales. According to my view Excise Duty / MVAT / CST, charged separately in sale invoices shall form part of GTO of Sales. Pl. confirm.
Thanks in Advance
My email is maheshkakoo@rediffmail.com
Reference = Section 44AD of the I. Tax ACt 1961
Net Profit @ 8% of Total Turnover of Sales / Gross Receipts is to be declared under presumptive taxation (Sec 44AD)
Can any one clarify exact definition of Total Turnover of Sales. According to my view Excise Duty / MVAT / CST, charged separately in sale invoices shall form part of GTO of Sales. Pl. confirm.
Thanks in Advance
My email is maheshkakoo@rediffmail.com
CA Parag G Bhuptani
(Expert)
18 May 2011
Total turnover for this means net of all taxes.
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