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Calculation u\s 44ad

Tax queries 1007 views 11 replies

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)

Yes your right!

 

Enjoy

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

yes u can!!

Thats why i said you were right

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

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!

Your query not clear

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

Yes

 

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

No bar on it.

Dinesh Kalra

 

Please See under mentioned link:

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

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

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..


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