If a firm's turnover is 1.5 crore and have opted for presumptive scheme. His annual profit as is 40 lakh which is above 8% conditional income. So what would be the income tax on this profit if there is no tax deduction is claimed??
Plz reply sir, it's urgent!
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44ad taxable income
Replies (7)
30%+ cess .... on the amount declared as profit (whatever above 6/8%)
Taxable Income 40 lakhs
Tax alongwith Cess = 1248000/-
Less : Advance Tax payment
Less : TDS
Balance will be SA Tax + Interest under 234B+234C
Valid till today mid-night
Tax alongwith Cess = 1248000/-
Less : Advance Tax payment
Less : TDS
Balance will be SA Tax + Interest under 234B+234C
Valid till today mid-night
Since your partnership firm turnover is less than 2 Cr u can opt presumptive taxation under section 44AD.
Gross total income shall me 12,00,000
tax = 374400
plus int 234B 18720
plus int 234C 3744
Gross total income shall me 12,00,000
tax = 374400
plus int 234B 18720
plus int 234C 3744
it's business/shop turnover/gross receipts not firms (44ADA)
8% ON Previous Year Turnover = income
8% ON Previous Year Turnover = income
Thank you all sir who replied...Thank you very much
@ Pranav
In the query , he has written 40 lakhs Profit. Pl check.
In the query , he has written 40 lakhs Profit. Pl check.
ohh sorry I didn't considered income other than presumptive income
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