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Taxable income

This query is : Resolved 
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(Querist)
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.
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CA Mehta Ankur N.

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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 ?
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S SRINIVASAN

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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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