Taxable income
This query is : Resolved
18 February 2016
If we are covered under section 44AE of Income tax Act and we show income as per Sec.44AE. But how would we deal with those income which are appear in Form 26AS.
For e.g. if we have income in 26as Rs. 10,00,000.00/- and as per sec. 44AE suppose our income is only Around 4.5 Lakh then how would we show in ITR.
For e.g. if we have income in 26as Rs. 10,00,000.00/- and as per sec. 44AE suppose our income is only Around 4.5 Lakh then how would we show in ITR.
CA Mehta Ankur N.
(Expert)
18 February 2016
See in your que, what Rs. 1000000/- is your sales & not your income...
U Get the point ?
U Get the point ?
Message likes :
1 times
S SRINIVASAN
(Expert)
18 February 2016
Agree with CA Mehta Ankur. Gross Receipts and Taxable Income are two different things although the later is part of the former
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