Section 44ad of it act
GANDHI
(Querist) 25 October 2013
This query is : Resolved
SALES 90 LACS
COMMISSION INCOME 4 LACS
IS SECTION 44AD APPLICABLE?
WILL ASSESSEE HAVE TO DECLARE 8% ON SALES PLUS COMMISSION INCOME OR
CAN ASSESSEE DECLARE SAY 5.5 LAC PROFIT WITHOUT TAX AUDIT U/S 44AB?
ajay sethi
(Expert) 25 October 2013
raise query in CA club india .com
R.K Nanda
(Expert) 25 October 2013
contact tax lawyer.
Anirudh
(Expert) 25 October 2013
To attract the provisions of Section 44AB, the turnover should exceed Rs. 1 crore. In your case the turnover is less than 1 crore. Therefore 44AB will not apply.
As you are earning commission income, the provisions of Sec.44AD are not applicable. Please see Sec. 44AD(6).
R.V.RAO
(Expert) 07 March 2014
agree with sri anirudhji
R.V.RAO
(Expert) 07 March 2014
as your turnover is less tha Rs. one crore tax audit not applicable. books of accounts to be maintained.
as you earn commission,TDS ought to be deducted at source.file return of income accordingly with normal audited accounts.
as you earn commission , sec. 44AD is not applicable, and so , 8% profit declaration does not arise.
