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Turn over calculation u/s 44ad...

Tax planning 244 views 6 replies

S ELAVARASI

ACCOUNTANT

2975 Points Joined August 2017

Dear Experts / Team.,

Mr. X doing business (Sales & Service / Manuf & Service) If He is eligible u/s 44AD. His Purchase Value Rs. 20,00,000 and Sales Value Rs. 10,00,000. He sell his goods with benifit of margin @ 20%. After less the Margin (Rs. 200000) actual basic value Rs. 800,000.

As per this/My Calculation stock in hand Rs. 12,00,000. In Tally Software Enter the amount of stock and it's taken total business transaction...

Now the Queries are :

1. Which value is his Turn Over?

2. What values u/s 44AD?

3. What about Tally PandL? it's shown with stock if i enter books...

Thanks in Advance

Replies (6)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

196676 Points Joined July 2016

Actual books remains same whether you declare income under presumptive scheme or normal.

Here,

Turnover is 10 lakhs.

P&L acc..... profits of Rs. 2 lakhs......

Now for presumptive assessment only figure from books adopted is Sales/turnover of 10 lakhs..... nothing else........ all presumptive...... not to revert any other data (from 44AD calculations) back to books......