QUERY ABOUT U/S 44AD
Krishanu Chowdhury (154 Points)
08 May 2017
CAN WE HAVE 10% OF TAX INSTEAD OF 8% UNDER SECTION 44AD?
5 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 08 May 2017
Yes u can declare higher income
S.K.Jha
(student)
(265 Points)
Replied 08 May 2017
Persons whose income is taxable under the head Profit & Gains from Business or Profession CAN calculate their income in TWO ways :-
1.Normally ( i.e., by Using Slab Rate)
2. U/S 44 AD (Presumtive Income)
Assesee choose those method or ways which results to lower income.
If your Income is lower by using 44AD then 8% of turnover, you will use otherwise slab rate. ( i.e., 10% / 20% / 30%).
S.K.Jha
(student)
(265 Points)
Replied 08 May 2017
However, assesse can shows higher Income as rashmi mam said.
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 08 May 2017
Yes you can show higher income. There is no compulsion to use particular slab rate to declare ur income. In return fill your actual income in book profir (must be more than 8%)
Muralidharan
(Chartrered Accountants)
(115 Points)
Replied 10 May 2017
The Minimum rate alone has been fixed u/s 44AD
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