Tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2017 SIR
I RUNNING MASALA AGENCY ITEMS

2. BUT NO ACCOUNTS MAINTAIN F.Y.2016-2017- A.Y.2017-218

3. MY TOTAL TURNOVER EXCEED RS.1 CRORE 45 LAKHS (1.45)

4. CAN I FILE ITR4(SUGAM)

5. 1 CRORES CROSSING BUT WE CALCULATE DIRECTLY 14500000*8%
IS IT OK OR NOT-44AD
6. IS IT TAX AUDIT APPLICABLE

7. PLEASE CLEARLY ANSWER ME

8. MASALA AGENCY PRODUCT IS IT APPLICABLE THIS ITR4SUGAM FORM

9. PLEASE INFORM ME

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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02 May 2017 You can show income u/s 44AD as turnover/gross receipts upto Rs 2 crores can be shown u/s 44AD as long as 8% minimum net profit is declared. But you can show u/s 44AD only if you are trader in masala business if you are earning commission purely from masala agency then you are not eligible as agency or commission income cannot be declared u/s 44AD.