Firm chit commission Income
This query is : Resolved
Quick Summary
Vinodita Peela
(Querist)
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.
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?
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
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Whether output tax is taken credit by purchaser
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
