Total turnover and deemed income under section 44 ad
This query is : Resolved
06 March 2012
Hi,
The Details of Trading account are as under...
Opening Stock Rs 400000
Purchases Rs 2500000
Gross Profit Rs 150000
Total Rs 3050000
Sales Rs 2400000
Cls Stock Rs 650000
Total Rs 3050000
I want to know on which amount 8 percent deemed income will be computed and what will be the deemed income in the above case under Section 44 AD...
The Details of Trading account are as under...
Opening Stock Rs 400000
Purchases Rs 2500000
Gross Profit Rs 150000
Total Rs 3050000
Sales Rs 2400000
Cls Stock Rs 650000
Total Rs 3050000
I want to know on which amount 8 percent deemed income will be computed and what will be the deemed income in the above case under Section 44 AD...
06 March 2012
You can opt sec 44 AD for presumptive taxation, in that case turnover will be Rs 24,00,000/- & minimum income to be declared would be RS 1,92,000/- i.e (24,00000 * 8%).
Now Cheers
Now Cheers
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- Regarding ITR filing with more value than showing in AIS/TIS
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
