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Tax Audit details

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(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?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 December 2008 For the purpose of section 44AB,in the given case, consider only the income of the auditee viz., commission etc.
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Ravikumar.G

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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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