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presumptive tax

THYAGARAJAN (Advocate) (41 Points)

23 March 2018

my sales turnover is 99 lakhs and rental income is 3.5 lakhs and interest from bank is 2 lakhs. whether should I pay presumptive tax on my sales turnover @ 6% and rest of the income as usual. what is the turnover criteria for the ay 2017-18 is 1 crore /2 crore.

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RAJA P M ("Do the Right Thing...!!!") (127292 Points)
Replied 23 March 2018

U/s 44AA (44AB) Tax Audit Limit Rs. 1Cr...

In case the will be file his return u/s 44ad (if eligible business) then he can avail Upto 2cr of the Turn over... The 2cr limit applicable only on Presumptive Tax Scheme u/s 44ad...

abeertiwari (ca) (310 Points)
Replied 23 March 2018

rental income and interest income will be treated as income from other source.
for presumptive taxation turnover limit will be 2 crores so you can file under section 44AD.
the profit must be shown at 8% not 6%.if you show less than that you will be liable to audit.the criteria for 6 % is applicable for deposit in bank account other than by way of cash from AY 2018-19.1