Urgent pls: does t/o include incentive & free supply goods?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
Dear Experts
"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????
Please reply with reference to Sec. 44AD (Presumptive Taxation).
Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD
1. Sales Rs. 15.10 Lacs
2. Incentives & upfront Goods recd. Rs.
1.40 Lacs (Not included in above Sales)
So basically the question is "whether 8% will be calculate on Rs. 15.10 Lacs or on Rs. 16.50 Lacs i.e 15.10 + 1.40 Lacs"???
If it is to be calculate only on Rs. 15.10 Lacs, then what will be the treatment of Rs. 1.40 Lacs????? Can we claim expenditure from that Income????
Pls reply soon
Thanking you
"Does Turnover include the INCENTIVE/ UPFRONT SCHEME GOODS?????
Please reply with reference to Sec. 44AD (Presumptive Taxation).
Please calculate the Tax liability w.r.t given below example presuming assessee wish to opt Sec. 44AD
1. Sales Rs. 15.10 Lacs
2. Incentives & upfront Goods recd. Rs.
1.40 Lacs (Not included in above Sales)
So basically the question is "whether 8% will be calculate on Rs. 15.10 Lacs or on Rs. 16.50 Lacs i.e 15.10 + 1.40 Lacs"???
If it is to be calculate only on Rs. 15.10 Lacs, then what will be the treatment of Rs. 1.40 Lacs????? Can we claim expenditure from that Income????
Pls reply soon
Thanking you
21 September 2011
Yes turnover will include all incentive scheme.
The tax liability will be on profit of Rs. 1,32,000/- ( Tax:- Rs. 40,788/- )
The tax liability will be on profit of Rs. 1,32,000/- ( Tax:- Rs. 40,788/- )
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
Thanks for the reply
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