ICICI

Section 44AD


Sandeep Sharma (Accounts executive)     24 July 2019

Sandeep Sharma
Accounts executive 
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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.

Mehul porwal   24 July 2019

Mehul porwal

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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/-

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Dhirajlal Rambhia (KVO Merau Kutchh)     24 July 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
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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..

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Suresh Thiyagarajan (Student)     24 July 2019

Suresh Thiyagarajan
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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. 

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Sandeep Sharma (Accounts executive)     24 July 2019

Sandeep Sharma
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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.

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Suresh Thiyagarajan (Student)     24 July 2019

Suresh Thiyagarajan
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Flat 30% 


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