Queries regarding 44ad

Discussion in 'Tax queries' started by jamesh, Jan 29, 2014.

  1. jamesh

    jamesh Member

    According to section 44AD of the income tax act 8% is the profit which is chargeable to tax.. My question is if I fall under a category of an individual and having a business of manufacturing. would this section would be applicable to me.? If the answer for above is yes, suppose my turnover for year ended is 10 lakh than 8% of the same comes to 80000. will my tax calculation will be slab wise as general or directly 30% on 80000? If the answer for the above is slab wise, it means that i dont have any tax liability?,than What are the required document that should i maintain to take a benifit of the above

Share This Page