44AD calculation for firms

As per sec 44AD no way for claim / book Remuneration and Interest on capital. And profit will shown 8% or above. If you will show less than 8 percentage then Tax Audit applicable...

As per sec 44AA You can book remuneration and interest. But, Profit will shown 8 percentage of above (after remuneration and interest). If you will show less than 8 percentage then Tax Audit applicable...

As per sec 44AB You can book remuneration and interest. Also you can show less than 8 percentage of Profit...

So as per 44AD, assessee needs to show minimum Rs. 1,60,000 / 1,20,000 in this case,
Right?

Yes... You are Right. 👍

@ raja p m in this case which form should be gone

You can file ITR 4 - U/s 44ad (without regular books of accounts)..... Otherwise You can file ITR 5 (with regular books of accounts)

Respected Sir

I purchased a bus during the FY 2018-2019 through bank loan. I have earned rental or playing or hire income from above vehicle. Please clarify whether the income from car rentals be treated as "Income from other sources" or "Business Income Under Section 44AD" or Income Under Section 44AE? 

I can deduct all expenses like loan interest, insurance, M V tax, depreciation, petrol, repairing, etc from gross rental income.

Read more at: https://www.caclubindia.com/experts/income-from-car-rentals-1053734.asp