Transport commsion agent
This query is : Resolved
sanjeev agrawal
(Querist)
03 October 2015
if a individual is earning commission bussiness from transporting but doesn't own any vehicle can he file itr 4s and under 44AD presumptive income...is service tax applicable for him?
03 October 2015
For only Commission Income, Deeming provision of Section 44 AD is not applicable. If his gross commission exceeds Rs.120000 per annum, he has to maintain books of accounts. So prepare Profit and loss account and Balance Sheet as per books of accounts and file ITR-4.
Regarding Service Tax, if the Gross Commission income exceeds RS 9 lakhs per annum, ST Registration is to be taken. ST is applicable if the Gross Income exceeds Rs.10 lakhs.
Regarding Service Tax, if the Gross Commission income exceeds RS 9 lakhs per annum, ST Registration is to be taken. ST is applicable if the Gross Income exceeds Rs.10 lakhs.
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sanjeev agrawal
(Querist)
03 October 2015
what is the criteria to determine that this income is commission as this asseesse is taking full payament from party and paying after deducting his share of profit to the vehicle owner...as the commission is not received separately how it is deemed as commission income??
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