Tax audit
This query is : Resolved
14 December 2017
If a person deposits cash around Rs. 4 Crores for money transfer in his account which is eventually transferred to other people. His receipts in bank account would exceed Rs. 2 crores which is the limit for Tax Audit u/s 44AB. He only receives commission for money transfer. Whether he will be liable for audit u/s 44 AB and what will be his nature of business i.e as commission agent or business income ???
14 December 2017
44AB attracts only if COMMISSION exceeds rupees one crore.
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