44AB of income tax act

This query is : Open

seema singla (Querist)
Follow

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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

09 January 2009 Due to server error the answer is repeated. Inconvenience is regretted.

seema singla

seema singla (Querist)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now