Rahul Rustagi (Student CA Final ) 18 June 2019
Is it advisable for a partnership firm to opt for presumptive taxation if it shows ad-hoc profit @ 6% or 8% as the case may be..
I raised this question because the firm is taxable @ 30% and may be having higher profits otherwise.
Thanx in advance
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Dhirajlal Rambhia (KVO Merau Kutchh) 18 June 2019
6/8 % margin is over turnover for determination of PROFIT........
30% tax-ability is over profit so arrived is for calculation of TAX....
Both are different and hence, no contradiction!