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Tax

This query is : Resolved 
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(Querist)
19 April 2016 If a poultry farmer earned a year 10lakhs rupees then how much income tax paid by. .
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
21 April 2016 From your query it appears that gross receipts are Rs. 10 lakhs since it is not clear whether your are talking about gross receipts or net profit being Rs. 10 Lakhs. If gross receipts are Rs. 10 Lakhs than the farmer can file his return u/s 44AD by declaring at least 8% of his gross receipts as net profit. On the other hand if he has earned net profit of Rs. 10 Lakhs than he will be required to pay tax according to income tax slabs applicable to him.
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