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Section 44AD
What would be the tax to be paid to govt if an assesse opted for presumptive scheme under 44AD, has declared his profit 800000 (8%) of his Gross turnover of Rs. 1 crore. Plz reply & Thank you.
Replies (5)
Tax is to be paid as per slab rate i.e. for resident individual below 60 years of age it will be Rs.75,400/-
For Individual/HUF ..
Over the profit of 8 lakhs from sec, 44AD any other income to be added from other sources?
Or any deduction like 80C etc?
If no; apply slab rate as usual... around... Rs. 72,500/- + 4% cess..
1. Sec 44AD deals with presumptive taxation scheme and it restricts itself to business income.
2. Now that you have found business income of Rs. 8 lakhs, add all other income under other heads and compute tax liability according to the slab limit.
Please correct me if the above solution has an alternative view.
Thank you all sir...sir also tell me if assesse is a partnership firm then also normal incomre tax slab will be applicable or flat 30% of taxable income.
Flat 30%
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