mr x engaged in retails
reported turnover rs 43lakhs P.Y. 16-17
he deposited rs 30000 in PPF with SBI.
his total income for A.Y 17-18 by 44AD
44 AD
Replies (4)
4300000×8%=344000-30000=314000
Agreed with Ashish Gangawani. Income will be Rs.314000/-
if the turnover is made in digital mode I.e other than cash then sales to the extent of digital sales will attract 6% instead of 8%
Assuming Sales Other than Cash mode
income u/s 44AD
will be 6% of turnover
43,00,000 X 6%
= 2,58,000
Gross Total Income
=2,58,000
Less: Deduction u/s 80C
=30,000
Total Income
=2,28,000
Assuming Sales in Cash
income u/s 44AD
will be 8% of turnover
43,00,000 X 8%
= 3,44,000
Gross Total Income
=3,44,000
Less: Deduction u/s 80C
=30,000
Total Income
=3,14,000
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