44AB of income tax act
This query is : Open
09 January 2009
What is the criteria of tax audit in case of a commission agent whose major receipts are by way of commission and turnover used to be in thousands only. It will be covered under sec. 44AB or sec. 44AF. Also, in the last column of tax audit report, how the ratio as to net profit/turnover to be calculated.
Plz ans.
Thanx
Plz ans.
Thanx
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
Due to server error the answer is repeated. Inconvenience is regretted.
16 January 2009
Sir, thanks for the reply
But if the sales are of Rs. 15 lacs and commission is 24 lacs. then total turnover comes to Rs. 39 Lacs. I think Sec 44AF will apply.
Am I right?
Please reply
Thanks a lot
But if the sales are of Rs. 15 lacs and commission is 24 lacs. then total turnover comes to Rs. 39 Lacs. I think Sec 44AF will apply.
Am I right?
Please reply
Thanks a lot
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
