|Originally posted by : samkit shah|
frndz....i m goin through similar case of our client in my office. In that, client has opened FD/OD a/c in name of Proprietorship and FD interest for the same amounting Rs. 107000 approx. has been credited to P/L a/c. now, His turnover is just of Rs. 705000/- approx. and he has calculated his net profit of Rs. 113000/- including above interest.
Now, if we consider interest income in IFOS then according to section 44AD his presumptive income under B & P will be of Rs. 56400/- approx. (as higher of 44AD or Net Profit as per P/L a/c) and IFOS of Rs. 107000/- (net effect of 163400/-) whereas if we in toto consider the aggregate amount as B & P income then his total income will be of Rs. 113000/- only.
Moreover he is already in 30% tax slab rates...
wht 2 do nw.....wht the provisions exactly says abt