About sec 44ad clause
This query is : Resolved
21 January 2019
Sir one of our client has Agency business.in that he has the avg margin 4-6%. his annuval turnover for 17-18 Rs 36,00,000/- . actual Profit for the business is 1,78,500/-.
i want to decide file under sec 44AD . for this i show the profit 8% of turnover . 36 L * 8% = 2,88,000/-
how i adjust the differential profit under sec 44ad and actual profit.Rs 109500(288000-178500).
i want to decide file under sec 44AD . for this i show the profit 8% of turnover . 36 L * 8% = 2,88,000/-
how i adjust the differential profit under sec 44ad and actual profit.Rs 109500(288000-178500).
Nikhil Kaushik
(Expert)
21 January 2019
when you say agency business, is his revenue in form of commission or brokerage?
21 January 2019
Thank u sir...
can it allowed below 8% for agency business. if yes problem solved.
if same happens in trading business how we adjust the excess profit that arise due to 8% Profit declaration..
can it allowed below 8% for agency business. if yes problem solved.
if same happens in trading business how we adjust the excess profit that arise due to 8% Profit declaration..
Nikhil Kaushik
(Expert)
21 January 2019
If it is brokerage or commission based income, then you cannot file the return under 44AD
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