Master in Accounts & high court Advocate
9610 Points
Joined December 2011
I can provide you with a format for computing income for A.Y. 2024-25 under Section 44AD (Business):
Income Computation Format (A.Y. 2024-25)
*Business Details* -
Business Name: ______________________________ - PAN: ______________________________ - Financial Year: 2023-24 (A.Y. 2024-25)
*Gross Receipts* - Total Receipts: ₹____________________________ - Less: Deductions (if any): ₹_____________________ - Net Receipts: ₹____________________________
*Presumptive Income (44AD)* - 8% of Net Receipts (or 6% for digital transactions): ₹_____________________ *Less:
Allowable Deductions* - Business Expenses (if any): ₹_____________________ - Interest on Borrowings (if any): ₹____________________ - Depreciation (if any): ₹_____________________ *Total Deductions*:
₹_____________________ *Net Income (A.Y. 2024-25)* - ₹_____________________
Please note that this is a basic format and may require adjustments based on your specific business and expenses.
Additionally, this format is for businesses that opt for the presumptive taxation scheme under Section 44AD.
Please consult a chartered accountant or tax expert to ensure accurate calculations and compliance with the latest tax laws and regulations.