Tax Audit details
This query is : Resolved
E.K.Raghavendra
(Querist)
16 December 2008
Can you please tell me while calculating the turnover of chit business for the purpose of applicability of tax audit, what should be taken into consideration for the purpose of turnover, whether amount received or commission received?
16 December 2008
For the purpose of section 44AB,in the given case, consider only the income of the auditee viz., commission etc.
Ravikumar.G
(Expert)
17 December 2008
Commission, brokerage, service and other incidental charges received in the business of chit funds is included in Turnover. Not for amount received.
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