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Tax calculation

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(Querist)
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
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Soumitra Basu

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Soumitra Basu (Expert)
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.
Profile Image

Soumitra Basu

Profile Image

Soumitra Basu (Expert)
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.
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