Sandeep Sharma (Accounts executive) 24 July 2019
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.
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Dhirajlal Rambhia (KVO Merau Kutchh) 24 July 2019
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..
Suresh Thiyagarajan (Student) 24 July 2019
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.