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Firm chit commission Income

This query is : Resolved 
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(Querist)
12 October 2021 Whether the chit commission received from business of chits can be offered at 8% profit?
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
12 October 2021 No. Commission income is not eligible for presumptive assessment u/s. 44AD.
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Vinodita Peela

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Vinodita Peela (Querist)
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?
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
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%.
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