Estimated Incomes Schemes Under Income Tax Act,1961

1.       Accounts of a person carrying on business referred to u/ s 44AD are required to be audited for previous year if -

• The assessee has claimed profits

• Profits from such business to be lower than the profits and gains deemed u/ s 44AD.

• The "total income" exceeds maximum amount, which is not chargeable to tax in any PY

• All of the above.

For computation of profits of business on presumptive basis under section 44AD, the deemed profits shall be calculated at the rate of of the total turnover or gross receipts of such business:

• 6%

• 8%

• 20%

• 5%

For computation of profits of profession on presumptive basis under section 44ADA, the deemed profits shall be calculated at the rate of of the gross receipts of such profession:

• 8%

• 50%

• 20%

• 5%

The provisions of Section 44ADA are applicable if gross receipts from profession does not exceed------------- `

• Rs.`50,00,000

• Rs.` 1,50,00,000

• Rs.` 2,00,00,000

• Rs.` 1,00,00,000

Any person opting for presumptive  taxation is liable to pay advance tax on or before:

• 6 june

• 11 september

• 15th march

• 15 october

What is the penalty under section 271A ,If any person fails to maintain any books of accounts required under section 44AA or the rules made thereunder:

• 50000

• 75000

• 25000

• 100000

The presumptive taxation scheme of section 44AD cannot be adopted by __________.

• Resident Individual

• Resident HUF

•  Resident Partnership Firm

• Limited Liability Partnership Firm

In case of a person adopting the provisions of section 44AD and mainitaining books of accounts on mercantile basis of accounting, income will be computed on presumptive basis, i.e., @ 6% of the turnover or gross receipts of the eligible business for the year if turnover/gross receipt is received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account during

• The previous year

• Before the due date of filing of return under section 139(1)

• Any time During the Assessment year

• Both A & B.

Total Turnover of the assessee (Eligible Business) :50,00,000

Composite charges (frieght)                                  :40,000

Salary to employees                                           :1,00,000

Depreciation                                                       :1,25,000

What will be the income of the assessee as per Section 44AD

• 48,75,000

• 50,40,000

• 4,03,200

• 4,00,000

Mr. Shan is running a Bandhani Press. His gross receipts from this business during previous year 2012-13 is Rs. 84,25,250 and he declared income as per the provisions of section 44AD. After computing the income @ 8% of such gross receipts, he wants to claim further deduction on account of depreciation on the press building. Can he do so as per the provisions of section 44AD?

• No, He can not claim depreciation as per the provision of 44AD.

• Yes, he can claim the full amount of depreciation as expense.

• Yes, he can claim the depreciation after considering presumtive rate on it

•  None of the above.