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Income tax liability

subhagan sreerangam (7039 Points)

26 March 2019

Turnover for the year 2017-2018 ₹ 11521480/- How much income tax under 44A.

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Shivam RC (Student) (23683 Points)
Replied 27 March 2019

If the assessee has opted for Presumptive Taxation Scheme ( PTS ) u/s 44AD of the Income Tax Act 1961, then his Business Income will be = 8% of the Gross Receipts or where the consideration is received through A/c Payee Cheque/DD/ECS etc ; then it will be 6% of that Gross Receipts.

So first of all segregate your turnover into two categories : 1). How much of the turnover you have received in cash/bearer cheque and 2). How much through ECS/Account Payer Cheque/DD. Then calculate accordingly.

Regards.

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