Sahara agency busines or profession for tax audit

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Abhishek Poddar (Querist)
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04 January 2014 My client is having Commission income from Sahara India-Real Estate,Housing Investment Corpn.,Q shop,Q gold mart (various sahara oraganisations in which investment is sought buy agent)
arround 50Lacs,whether this is business(1 crore limit for tax audit),profession(25 lac limit).Whether Tax Audit is required in this case.

And if it is businees wheter benifit of 44AD claimed,declaring profit @ 8% of gross receipts.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 January 2014 Commision business is debarred from useing section 44AD as per ammendments made by FA 2012.

Abhishek Poddar

Abhishek Poddar (Querist)
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04 January 2014 thank you,44AD can't be applied,but tax audit issue is still open..

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 January 2014 Since it is business income then as per sec 44AB if gross turnover exceeds Rs 1 crore then tax audit is applicable.

Abhishek Poddar

Abhishek Poddar (Querist)
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04 January 2014 how can you say this is business,means where it is stated under legal framework.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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04 January 2014 it is not professional service as commision earning is business and it is mentioned under sec 44AD when they have used the word "commision or agency business " shall not be allowed to invoke sec 44AD ...which they take it as business and accordignly sec 44AB is applicable as if it is business.

you can check sec 44AD as ammended by FA 2012.

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