Tax audit turnover
This query is : Resolved
Viral Shah
(Querist)
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.
Ganeshbabu K
(Expert)
22 July 2014
You cannot offer your income under 44AD Presumptive taxation
.
.
as commission is ineligible business and excluded vide 44AD Subsection 5
.
.
as commission is ineligible business and excluded vide 44AD Subsection 5
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- GSTR9 Annual Return
- Ito add credit side of bank
- Reward for festival
- Employee secondment
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Rectification under processing even after 6 months cpc portal
- RCM and same line
- Closer of business and itc of capital goods
- Form 144 TDS Return Validation error
- Upload Level ValidationITR3Category of Defect B/D
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- MSME Payment Sec.43B (h)
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
