Commission received
This query is : Resolved
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
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
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.
as for professional , the tax audit limit is rS 25,00,000 from ay 13-14.
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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
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
16 July 2013
thanks so much sir for your valuable suggestion
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