adhoc determination of income under income tax., Income Tax

[gangaram chandwani]

Are there any case laws available on subject of adhoc additions and adhoc determination of income under income tax law?

Posts / Replies

[SHARIQUE TAHSEEN]

Hi Chandwani,

There is no adhic basis of calculation of income tax. But the newly incorporated section 44AD provides for 8% of the gross receipts/gorss turnover as the net income from business. However, this section is not applicable in case of Professionals( as defined in Income Tax).

Regards

SHARIQUE