Section 194h
Querist : Anonymous
One of my client runs a recruitment agency, and his receipts are being subject to tds u /s 194H. In FY 2011-12, their gross receipts are around 6 lacs and tds deducted thereon is around 60000/-
Here I would like to know that whether recruitment agency comes in the category of business?
And can he opt section 44AD by declaring Net profit @8% on 6 lacs.
Please advise me.
Section 44AD has been retrospectively amended to provide that Section 44AD DOES NOT apply to commission or brokerage income.
Accordingly, the recruitement agency CANNOT avail benefit u/s 44AD.
Querist : Anonymous
Querist : Anonymous
Ans one more thing, whether in the above case assessee is liable to maintain accounts or not.
Querist : Anonymous
Ans one more thing, whether in the above case assessee is liable to maintain accounts or not.
2. ITR 4 will be filed showing income and expenses.
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