Commission received,filing return u/s 44ad
This query is : Resolved
11 January 2012
PHM is my client, a fruit merchant and received a commission of 3,48,600/-.He did not maitain any accounts and No VAT RETURNS as fruits are exempted from VAT.
Can he he file his return of income u/s 44AD on gross
commission of 3,48,600/- at 60% of the commission
received.
any precautions to be taken kidly advise me.Ofcourse we
will consider credits in his bank a/cs and investments made AND also household expenses.
Kindly guide me.
PHM is my client, a fruit merchant and received a commission of 3,48,600/-.He did not maitain any accounts and No VAT RETURNS as fruits are exempted from VAT.
Can he he file his return of income u/s 44AD on gross
commission of 3,48,600/- at 60% of the commission
received.
any precautions to be taken kidly advise me.Ofcourse we
will consider credits in his bank a/cs and investments made AND also household expenses.
Kindly guide me.
05 April 2012
Section 44AD has been retrospectively amended by Finance Bill.
The amendment provides that with retrospective effect from AY 11-12, assessees earning commission income CANNOT avail the benefit of presumptive income.
Accordingly the farmer CANNOT file return u/s 44AD.
He will have to maintain books of accounts.
The amendment provides that with retrospective effect from AY 11-12, assessees earning commission income CANNOT avail the benefit of presumptive income.
Accordingly the farmer CANNOT file return u/s 44AD.
He will have to maintain books of accounts.
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