Commission

As per my view.,

Income Calculated only on Commission...
Normal provision is applicable... No way for 44ad or 44ada...

Section 44AD wont apply in case of Agency Business as well as in case of a business earning income from Commission or Brokerage.

Which businesses are not eligible for presumptive taxation scheme?

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The scheme of   section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:

Business of plying, hiring or leasing goods carriages referred to in sections 44AE.A person who is carrying on any agency business.A person who is earning income in the nature of commission or brokerageAny business whose total turnover or gross receipts exceeds two crore rupees.​

Apart from above discussed businesses, a person carrying on profession as referred to insection 44AA(1) ​is not eligible for presumptive taxation scheme under section 44AD. 

Originally posted by : RAJA P M
	As per my view., Income Calculated only on Commission...Normal provision is applicable... No way for 44ad or 44ada...

It means without audit report can I declare income for the above, ( after book expenses relating to that business ) as Rs.60000/- Sr? i.e below limit.

Yes, you can declare income after deducting book expenses
You have no required to audit u/s 44 ab

Thanks Ji,

Also , just use ITR 1 is enough?

 

Because presently only ITR 1 only available for ass.year 2018-19

 

You have to file your return of income in form ITR 3 in which you will disclose the business income
ITR 1 is not for the individual who has business income