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%.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Payment for sale in March and Sale deed registration to be done in April
- Treatment of TDS under Section 194-IA in case of cancelled property transaction
- Eligibility for filling NEW Form 121 from April 2026
- SSY for 2 daughters
- Lifting and cross charges
- Unable to file 3B monthly return
- REGARDING ITR OF TRUST
- PTRC PAYMENT & RETURN FILING (Annually)
- Missing tan number searach procedure in income tax portal
- Income tax on agriculture income with having business income
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Spice form, ? mark comes in address
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
