Firm chit commission Income
This query is : Resolved
12 October 2021
Whether the chit commission received from business of chits can be offered at 8% profit?
12 October 2021
No. Commission income is not eligible for presumptive assessment u/s. 44AD.
12 October 2021
Chit business firm is maintaining books of accounts with gross receipts below Rs.600,000 commission . How much income is to be offered without conducting tax audit?
12 October 2021
There is no condition for profit margin, when income is commission in nature.
For 6 lakhs commission receipt whatever profit be, tax audit is not applicable.
Market trend is about 25%.
For 6 lakhs commission receipt whatever profit be, tax audit is not applicable.
Market trend is about 25%.
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