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how to calculate tax on tuition income
my friend earned 3,60,000 from tuition in 17-18 and invest 1,35,000 in ppf.Whould you please tell me how to compute tax under presumptive basis u/s 44AD.Please give detail of computation.
Replies (2)
Tax under section 44AD (Presumptive Basis) is applicable only for business income. Tuition services will not be covered under 44AD.
Presumptive basis U/s 44ADA
show gross receipts as 3,60,000
Income will be 50% that is 1,80,000
No tax required to pay
For any further help you may message me
show gross receipts as 3,60,000
Income will be 50% that is 1,80,000
No tax required to pay
For any further help you may message me
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