My uncle is a dealer of Airtel telecommunication services(here after referred as company) and his gross receipts/turnover exceeds Rs.100 lakhs (or 1 crore). The company pays commission of 1.5% of his turnover/ receipts. He is not maintaining any books.
The net income from the company will not exceed basic slab ie., 2,50,000/-.
If he taxed u/s 44AD at 8% of his business receipts, it will turns in to more income than the actuals.
please help me how he will be taxed? He has No other income except above...
CAclubindia
