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?
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Presumptive income under 44ad
Replies (3)
True, but that could not be only income. Income from other heads are also added up.
if i have income under only business head, then i dont need to pay any taxes.
Theoretically YES.
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