Form 15G submitted but tax is payable us 44AD
Assessee filed Form 15G and submitted it to the bank but tax is payable u/s 44AD presumptive taxation is this allowed ? and the consequences which can be faced?
Replies (2)
Show the interest in IFOS and compute Your income as per Your calculations...
1. Providing form 15G is nothing but a declaration that your income is not tax-deductible.
2. With respect to income under other heads, the same shall be taxable based on slab limits.
3. Even by virtue of form 15G TDS is not deducted on interest income and the assessee has opted for presumptive taxation scheme u/s 44AD, there is nothing wrong in it.
4. Tax will be paid on 8% or 6% of the Gross receipts for eligible business and interest earned from the bank will be taxable under the head Income from Other Sources.
5. There will not be any consequences in the above situation.
Please correct me if the above solution has an alternative view.
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