|
| This query is : Resolved
|
|
Hasan Sonnekhan
( Author )
24 May 2012
|
Under Section 44AB of the Income Tax Act, how is the gross turnover/receipts calculated in the case of a commission agent?
Please look into the following two aspects.
1. Is an audit u/s 44AB mandatory only if the commission exceeds Rs. 60 lakhs.
2. Assuming a selling commission agent earns a commission of 2%, and the sales effected by him are Rs. 60 lakhs, and his commission income on it turns to be Rs. 1.2 lakhs, is he liable for tax-adit u/s 44AB given his turnover/sales exceeds Rs. 60 lakhs?
Regards & Thanks,
Hasan.
|
|
|
|
shashikumar
( Expert )
24 May 2012
|
Dear Hasan,
Tax audit under 44AB is mandatory for all two aspects mentioned by you above.But
F/Y 2012-13 the ceiling limit for 44AB is 1 Crore
Thank You
CA.K.SHASHIKUMAR
|
|
|
|
CA CS Amit S. Kedia
( Expert )
24 May 2012
|
Dear Hasan,
Tax Audit is applicable only in first case.
Commission income is to be looked at and not the gross sale effected by him.
|
|
|
|
CA. Vinod
( Expert )
24 May 2012
|
Turnover effected by him is not his turnover in second case, no tax audit is required.
|
|
|
|
|
Previous
Next |
|
You need to be the querist or
approved
CAclub expert to take part in this query .
Click here to login (
 ) now
|
| Similar Resolved Queries : |
|
|
|
