Income tax return of commission agent
This query is : Resolved
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?
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?
Dhirajlal Rambhia
(Expert)
28 September 2021
1. ITR 3
2. Yes.
3. No.
2. Yes.
3. No.
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