Section 44AD


Accounts executive

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.
 
Reply   
 

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/-
 
Reply   
 
KVO Merau Kutchh

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..

 
Reply   
 

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. 


Total likes : 1 times

 
Reply   
 
Accounts executive

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.
 
Reply   
 

Flat 30% 

 
Reply   
 

LEAVE A REPLY

Your are not logged in . Please login to post replies

Click here to Login / Register  

 


×

  CCI MENU