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Commission received

This query is : Resolved 
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(Querist)
15 July 2013 Dear Sir,

One of my assesses is engaged in tour & travel business. He is received commission more then 5 lac.

Kindly advise to me he is liable for audit u/s 44ab or not
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
15 July 2013 no, he is not liable for tax audit.
as for professional , the tax audit limit is rS 25,00,000 from ay 13-14.
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Ganeshbabu K

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Ganeshbabu K (Expert)
15 July 2013 Commission income is business income and it is not professional income.

You may refer below for clarifications..

1)CBDT Circular no.452, dated 17.03.1986

2)Clarified in icai guidence note on tax audit

3)So tax audit limit applicable is Rs.1 crore and not 25 lakhs

4)However you have only Rs.5 lakhs so tax audit U/sec. 44AB not applicable

Thanks & regards
Ganesh babu k
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HARENDRA SINGH

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HARENDRA SINGH (Querist)
16 July 2013 thanks so much sir for your valuable suggestion
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