09 July 2018
Business: Commission Agent Turnover: 22 Lakhs AY : 2018-19
As per 44AB Tax Audit limit is Rs.2 crore in case of businesses and Rs.50 lakh in case of Professions. As per 44AD Commission agent cant opt presumptive taxation of 8%/6%. As per 44ADA Only specified Business can opt presumptive taxation at 50%(Legal,Engineer,CA,Medical etc.)
Kindly advice me regarding the following:-
1.Which ITR Form is suitable for AY 2018-19? 2.Can I file return at profit less than 8%/6%/50% ? 3.Can I claim expenses like salary,electricity,mobile charge,rent,Depreciation ? 4.Is there any case Tax audit is applicable at 22 lakhs turn over?