Section 44ad

This query is : Open

saurabh jain (Querist)
Follow

23 October 2017 FACTS OF CASE TURNOVER OF FNO TRADING=12.00 LACS
ACTUAL PROFIT =00.20 LACS
CAN WE DECLARE A PROFIT OF 8% UNDER 44AD TO AVOID AUDIT AS THE ASSESSEE HAS NO OTHER INCOME.

Dr. ShamsheerKhan

Dr. ShamsheerKhan (Expert)
Follow

23 October 2017 Add Commission income head as income to acquire above 8%. FILE RETURN...... Relax...................

RAJA P M

RAJA P M (Expert)
Follow

23 October 2017 Less than 8% we can't show sec 44ad.... Also 44ad is not applicable Commission based income .....

Message likes : 1 times

Dr. ShamsheerKhan

Dr. ShamsheerKhan (Expert)
Follow

23 October 2017 No section/notification restricts if you are showing income even it is not there hence he can keep Commission income.

RAJA P M

RAJA P M (Expert)
Follow

23 October 2017 @ Dear Mr Saurabh Jain., Please go to refer Sec 44ad... Then you can choose which one is applicable for your above said query... Don't be follow wrong advice. Then you can get intimation from ITD... GOOD LUCK...

Message likes : 2 times

Dr. ShamsheerKhan

Dr. ShamsheerKhan (Expert)
Follow

23 October 2017 I know very well that Commission or brokerage receiver's can't opt for 44ad. But, In practice ITD never issue a show cause if a person offers more income and pay tax accordingly. This thing is well known by every Certified Tax Practitioner.

RAJA P M

RAJA P M (Expert)
Follow

24 October 2017 I / All know the "VERY WELL CERTIFIED TAX PRACTITIONER" can't follow wrong way... Bcoz, they all are work based ONLY assesee's comfortable. Can't work his OWN WAY.....

Dr. ShamsheerKhan

Dr. ShamsheerKhan (Expert)
Follow

24 October 2017 Please suggest a better way to avoid audit. The Assessee does not have any other income except fno trading income.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now