How Service business turnover is calculated because in a doctor, CA, Advocate, astrologer all these give service which do not have any cost other than building rant & office stationary items.
So if a doctor getting 10 patients per day for 22 days per month and charging 100 rupee per patient
then 10x22 = 220 patient per month x 12 months = 2640 x 100 rupee per patient fee = 2,64,000 per annum earning so this will be considered a turnover ?
Because U/S 44ADA for Service provider Presumptive Income tax would be considered 50% on turnover ? or they are saying that 50% of profit will be considered as profit and on top of that tax slab is used to calculate the taxable liability ? e.g. 50 lakh is profit for the year then 25 Lakh will be considered as profit and then on that tax slab is used ?
CAclubindia
