Whether tax audit or not for commission income
This query is : Resolved
28 August 2013
Case is that
Commission Income of Rs.48 lacs as an assessee is agent of Sahara Q shop, Sahara Credit society and Housing Society .
So whether tax audit mandatory?
Commission Income of Rs.48 lacs as an assessee is agent of Sahara Q shop, Sahara Credit society and Housing Society .
So whether tax audit mandatory?
raghavender upadhyay
(Expert)
28 August 2013
Commission income is treated as business income, Rs. 1 Crore limit applies. No need for tax audit.
Ganeshbabu K
(Expert)
28 August 2013
Yes,,Tax audit limit for commission income is 1 crore
Reference for more guidence in related to this topic
Circular No. 452, Dated 17.03.1986
Reference for more guidence in related to this topic
Circular No. 452, Dated 17.03.1986
02 September 2013
In this case no tax audit applicable as income is below 1 crore.
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