Ask upto 3 free GST queries and get trusted CA advice with CAclubindia Pro. Subscribe Now!

Calculation u\s 44ad

Tax queries 983 views 11 replies

Guest

gud afternoon sir,
                       i have a query that plz clear me that my calculation u\s 44ad is right or wrong

turn over-                              24 lakh
profit @ 8%(2400000*8/100)=     192000
lic -                                 20000
than total income (192000-20000)= 172000
than my query is that my tax liablty will be nill

reply must plz

Replies (11)

Arun Alvares

CA Final Student

52 Points Joined November 2010

Yes your right!

Enjoy

Guest

thanks sir but in u\s 44 ad can i not get deduction u\s 80c

Arun Alvares

CA Final Student

52 Points Joined November 2010

yes u can!!

Thats why i said you were right

Guest

NO SIR I WANT TO ASK U THAT IN SECTION 44AD ABT DEDUCTION U CAN TAKE DEDUCTION IN CERTAIN INCOME WHAT IS THE MEANS OF THIS LINES

Arun Alvares

CA Final Student

52 Points Joined November 2010

Originally posted by : rajeev
	NO SIR I WANT TO ASK U THAT IN SECTION 44AD ABT DEDUCTION U CAN TAKE DEDUCTION IN CERTAIN INCOME WHAT IS THE MEANS OF THIS LINES

Please copy and paste those lines here! I cannot understand what you are referring to!

Swarup Dutta

Assistant Auditor

42 Points Joined May 2011

Your query not clear

Peter Sequeira

81 Points Joined June 2010

Since you opt for provisions of sec 44AD, you wont get the deduction u/s80 i.e. LIC.

CA Dinesh Kalra

Practising

31 Points Joined January 2012

Yes

You can claim ded u/s 80C for Lic Premium.

No bar on it.

Dinesh Kalra

DIBYENDU

SERVICE

266 Points Joined August 2008

Please See under mentioned link:

/experts/while-claiming-business-under-44ad-80c-is-availabe-694125.asp

Arun Alvares

CA Final Student

52 Points Joined November 2010

Originally posted by : Peter Sequeira
	Since you opt for provisions of sec 44AD, you wont get the deduction u/s80 i.e. LIC.

Please do some research before you post your opinion. Regards

ALPESH KUMAR

SUPRITENDENT

140 Points Joined November 2009

individual, huf can claim deduction u/s. 80c,80ccf, 80d,, 80dd,80e,80g, 80gg, 80gga and partnership firm can also claim 80g,80gga. So u can claim lic or any other deduction mentioned above from your income of Rs. 192000/- and still enjoy the benefit of section 44AD without any tax liablitiy. Ur income should be exceed 8% before the above deductions..