Section 44ad urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 September 2012
Dear Expert,
Suppose, total sale in fy 2011-12, is Rs. 59 lacs and VAT separately charged in invoices is Rs. 295000/- @5% and deposited in bank through challans and grand total of invoice book coming to 59 lacs + 295000/- = 6195000/-.
Now please advise me, whether the assessee can opt Section 44 AD and for that he has to calculate 8% tax on Rs. 59 lacs or on 6195000/-.
Please clarify.
Thanks in advance.
Suppose, total sale in fy 2011-12, is Rs. 59 lacs and VAT separately charged in invoices is Rs. 295000/- @5% and deposited in bank through challans and grand total of invoice book coming to 59 lacs + 295000/- = 6195000/-.
Now please advise me, whether the assessee can opt Section 44 AD and for that he has to calculate 8% tax on Rs. 59 lacs or on 6195000/-.
Please clarify.
Thanks in advance.
05 September 2012
SEC 44ab APPLICABLE
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