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?
28 September 2021
1. ITR 3
2. Yes.
3. No.
2. Yes.
3. No.
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
- Traces Portal
- Cheque bounce intimation letter
- RD1 approval
- Minor - PPF Rules Doubt
- TDS ON SALE OF JOINTLY HELD PROPERTY
- U/s.234E late fee- balated filing the TDS returns
- Unable to login
- Form 121 of income tax
- Tax on selling redeveloped resi property
- Turnover limit regarding Proprietorships and coverage in limit of 60 Audits
- Minor Aadhar card cancelled
- Query regarding applicability of UDIN on MCA forms signed using DSC by a Chartered Accountant
- Cash gift by grand mother to her grand daughter
- 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
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
