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44ad taxable income

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Accounts executive
552 Points Posted on 31 August 2019
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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On 31 August 2019 at 17:39 Report
Replies (7)
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SEO Sai Gr. Hosp.
211624 Points Posted on 31 August 2019

30%+ cess ....  on the amount declared as profit (whatever above 6/8%)

581 Reply
On 31 August 2019 at 18:30
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17264 Points Posted on 31 August 2019
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
101 Reply
On 31 August 2019 at 18:47
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525 Points Posted on 31 August 2019
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
2 Reply
On 31 August 2019 at 18:56
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Student
7053 Points Posted on 31 August 2019
it's business/shop turnover/gross receipts not firms (44ADA)


8% ON Previous Year Turnover = income
184 Reply
On 31 August 2019 at 18:58
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Accounts executive
552 Points Posted on 31 August 2019
Thank you all sir who replied...Thank you very much
1 Reply
On 31 August 2019 at 19:01
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17264 Points Posted on 31 August 2019
@ Pranav
In the query , he has written 40 lakhs Profit. Pl check.
101 Reply
On 31 August 2019 at 19:05
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525 Points Posted on 31 August 2019
ohh sorry I didn't considered income other than presumptive income
2 Reply
On 31 August 2019 at 19:17


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