Applicablility of audit

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Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2015 When assessee is dealing in goods and also has commission based business of the same goods whether audit under sec 44AB will apply to it if its turnover is below 1cr and profit declared is less than 8% ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 June 2015 since he is doing business on commission basis too, he is anyways not eligible to file return under 44AD. So the audit is not applicable. But section 44AA has to be complied with

Querist : Anonymous

Querist : Anonymous (Querist)

19 June 2015 sir if he has commission / brokerage income from othe than goods he is trading then what to do in that situation? will 44AD apply and audit is required if declaring less than 8% profit?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 June 2015 same logic..any assessee with any commission income is not eligible for 44AD.

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