Income below 44ad

under sec 44AD,u should consider 8% on gross receipts.wheather u offer below 8% or 8% or above 8%,u should not consider remuneration and interest .so if u adopt presumptive taxation under sec 44AD,u need not consider them

furthur when u dont opt for 44AD,u need to consider Limits prescribed under IT act

for Inrerest it is 12% on simple interest basis and for remuneration 

up to 3,00,000=150000 or 90% of book profits which ever is higher

above 3,00,000=60% of book profits

INTIMATE ME IF IAM WRONG ONCE U CONFIRMED,THANK U

Dear Nuli swami,

your answer is absolutely correct. you explain it very well.

hello sir,

Can any  one tell me,if a individual person have been profit less than 8% in last financial year & audit have done in last financial year.

Whether the TDS provision applicable has to that assessee in current financial year or not.

Thanks In Advance  

Yes TDS provisions will applicable if audit have done in last financial year.

Yes TDS provisions will be applicable on him, but it is optional. whether he can deduct TDS or not. 

Hi,

Please advice the audit rule for Air ticketing business where margin is hardly 2%...... 

Regards

Nipun

Commission received on booking of air tickets is receipt u/s 44AB. If your commission is above Rs 1 Crore or net profit is below 8% of gross commission received than it will be liable for audit.