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Firm chit commission Income

This query is : Resolved 

Whether the chit commission received from business of chits can be offered at 8% profit?

No. Commission income is not eligible for presumptive assessment u/s. 44AD.

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?

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%.



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