Audit under section 44ab.
This query is : Resolved
24 May 2012
Under Section 44AB of the Income Tax Act, how is the gross turnover/receipts calculated in the case of a commission agent?
Please look into the following two aspects.
1. Is an audit u/s 44AB mandatory only if the commission exceeds Rs. 60 lakhs.
2. Assuming a selling commission agent earns a commission of 2%, and the sales effected by him are Rs. 60 lakhs, and his commission income on it turns to be Rs. 1.2 lakhs, is he liable for tax-adit u/s 44AB given his turnover/sales exceeds Rs. 60 lakhs?
Regards & Thanks,
Hasan.
Please look into the following two aspects.
1. Is an audit u/s 44AB mandatory only if the commission exceeds Rs. 60 lakhs.
2. Assuming a selling commission agent earns a commission of 2%, and the sales effected by him are Rs. 60 lakhs, and his commission income on it turns to be Rs. 1.2 lakhs, is he liable for tax-adit u/s 44AB given his turnover/sales exceeds Rs. 60 lakhs?
Regards & Thanks,
Hasan.
24 May 2012
Dear Hasan,
Tax audit under 44AB is mandatory for all two aspects mentioned by you above.But
F/Y 2012-13 the ceiling limit for 44AB is 1 Crore
Thank You
CA.K.SHASHIKUMAR
Tax audit under 44AB is mandatory for all two aspects mentioned by you above.But
F/Y 2012-13 the ceiling limit for 44AB is 1 Crore
Thank You
CA.K.SHASHIKUMAR
24 May 2012
Dear Hasan,
Tax Audit is applicable only in first case.
Commission income is to be looked at and not the gross sale effected by him.
Tax Audit is applicable only in first case.
Commission income is to be looked at and not the gross sale effected by him.
Message likes :
1 times
24 May 2012
Turnover effected by him is not his turnover in second case, no tax audit is required.
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
- Reporting Income under Section 44ADA
- Itr 1 processing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Article ship defecit
- Query regarding TDS on EPFO Higher Pension Arrears*
- Form 10BD Filling
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- Error whiling application of GST REFUND (ANNEXURE B)
- While filing GSTR9 accountant couldn't entered the ITC values in Table 6, in 9C it is not accepting
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
