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Tax cutting
how can I cut my income tax... I m a composite electronics dealer with Turn over 9000000....and incentive account near about 100000...how can I cut income tax..??
Replies (4)
Quick Summary
Opt for section 44ad and pay income-tax on 8% of 9100000
If incentive is in the form of commission then you are out from 44AD presumptive Taxation.
Under 44AD, if applicable then minimum of 8% or 6% of profit on turnover OR actual profit whichever is higher ought to be declared.
Under regular business income you can declare even below 8% or 6% without tax audit.
Under 44AD, if applicable then minimum of 8% or 6% of profit on turnover OR actual profit whichever is higher ought to be declared.
Under regular business income you can declare even below 8% or 6% without tax audit.
Can I make it 6% by auditing?
First let know what is 100000/- ? is it Commission or what ??
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