Can 8% profit calculated under section 44AD be lower than the basic exemption limit of 250000/-.
eg. turnover of 3000000/-. its 8% income is 240000/-. since it is below the basic exemption limit of 250000/- hence no tax is payable?
anonymous (proprietor) (237 Points)
12 November 2016Can 8% profit calculated under section 44AD be lower than the basic exemption limit of 250000/-.
eg. turnover of 3000000/-. its 8% income is 240000/-. since it is below the basic exemption limit of 250000/- hence no tax is payable?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160327 Points)
Replied 12 November 2016
True, but that could not be only income. Income from other heads are also added up.
anonymous
(proprietor)
(237 Points)
Replied 12 November 2016
if i have income under only business head, then i dont need to pay any taxes.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"