Tax audit turnover
This query is : Resolved
22 July 2014
I have a client who is having Franchise of a telecom company. He deals in Recharge coupons . He gets commission for sale of coupons which is arnd 40 lacs. Now he further more passes on 50% commission to the Retailer who gets recharge from him. Now being a commission Agent , His turnover will be 40 lacs or 20 lacs(after passing on 50% commission to Retailer) if he wishes to go for presumptive taxation and wishes to offer 8% Income in his tax return...Plz guide asap
22 July 2014
u need to take gross commission i.e 40 lakhs for applicabitlity of tax audit.
22 July 2014
You cannot offer your income under 44AD Presumptive taxation
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as commission is ineligible business and excluded vide 44AD Subsection 5
.
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as commission is ineligible business and excluded vide 44AD Subsection 5
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