Lottery business taxability
This query is : Resolved
vejata bhardwaj
(Querist)
11 September 2014
A assesssee is engaged in sale and purchase of lottery tickets and got commission for the same..but he is not selling or buying tickets on his own nameinstead he is selling & buying tickets on the behalf of his principal.wheather the assessee is liable tax for audit u/s 44ab when his commission income exceed 1cr or when his turnover exceed by 1cr.please clarify the same
11 September 2014
yes in case commision income exceeds 1 crore then only tax audit is applicable.
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