Tax calculation

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VINAY SACHDEVA (Querist)
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08 March 2013 Sir,
A Partnership firm having Sales of Rs. 3461822/- (non audit case).

Is it liable to file ITR5 U/s 44AD. ?

Plz. tell how to calculate Tax Liability.
Sales 3461822.00
Partner's Remuneration 120000.00
Partner's Interest 95510.00

Plz. tell how i fill it's ITR 5 u/s 44AD.

Plz. describe it in brief with an example as early as possible.

Vinay Sachdeva
Saharanpur

Soumitra Basu

Soumitra Basu (Expert)
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10 March 2013 You have not mentioned the assessment year. however, it is presumed that the assessment year 2012-13:
Deemed Profit u/s. 44AD presuming it is not professional concern or having commission income - 276946. The net income after deducting Partners Remuneration and Interest the profit will come 61436. Tax Rate is 30%, Cess on Tax 3% and interest as applicable.

Soumitra Basu

Soumitra Basu (Expert)
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