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| This query is : Resolved
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Author : Anonymous
( Author )
23 May 2012
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Dear expert,
One of my client runs a recruitment agency, and his receipts are being subject to tds u /s 194H. In FY 2011-12, their gross receipts are around 6 lacs and tds deducted thereon is around 60000/-
Here I would like to know that whether recruitment agency comes in the category of business?
And can he opt section 44AD by declaring Net profit @8% on 6 lacs.
Please advise me.
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Siddhartha Bhardwaj
( Expert )
24 May 2012
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TDS has been deducted u/s 194H (commission or brokerage).
Section 44AD has been retrospectively amended to provide that Section 44AD DOES NOT apply to commission or brokerage income.
Accordingly, the recruitement agency CANNOT avail benefit u/s 44AD.
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Author : Anonymous
( Author )
24 May 2012
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Can you please provide me no./date of respected circular/notification.
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Siddhartha Bhardwaj
( Expert )
24 May 2012
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The amendment has been brought in by Finance Act 2012.
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Author : Anonymous
( Author )
24 May 2012
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So in this case, I should file ITR 4 by showing all the expences incurred to earn commission.
Ans one more thing, whether in the above case assessee is liable to maintain accounts or not.
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Author : Anonymous
( Author )
24 May 2012
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So in this case, I should file ITR 4 by showing all the expences incurred to earn commission.
Ans one more thing, whether in the above case assessee is liable to maintain accounts or not.
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Siddhartha Bhardwaj
( Expert )
24 May 2012
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1. The assessee will have to maintain books of accounts.
2. ITR 4 will be filed showing income and expenses.
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