Income tax

As per 44AD Tax will be 8% on
Rs.74,56,000(Rs.74,56,000*8/100=Rs.5,96,480)
Income Tax Slabs Tax Rate for 2017-2018
Income up to Rs 2,50,000 No tax. Tax rate
Income from Rs 2,50,000 – Rs 5,00,000 5%
(5,00,000-2,50,000=2,50,000*5%= Rs.12,500)
Income from Rs 5,00,000 – 10,00,000. 20
(5,96,480-5,00,000= 96,480*20/100= Rs.19,296)
Total Tax with Cess = Rs.31,796(12,500+19,296) +health and Education Cess Rs. 1271.84(31,796*4%) is
Rs. 33,067.84 with health and education cess (4%)

In this case available any claim such as LIC Premium

Under Section 44AD you can not claim expenses paid for the business for which you show 8% profit but you can avail Deduction of Section 80C irrespective of profit declared under this section or any other section..

thank you MM Sanchita and congratulations