Total turnover and deemed income under section 44 ad
This query is : Resolved
Ravi Mittal
(Querist)
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...
CA. Nitin Agrawal
(Expert)
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%).
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