Hi,
Can we file ITR u/s 44AD for commission income?
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Commission income
Replies (6)
i think no.
yes
only in case when total turnover does not exceed 40 Lacs.
only in case when total turnover does not exceed 40 Lacs.
40 lacs!!! Can you please give reference to the section?
commission income not eligible for 44AD
In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to
> persons carrying on profession as referred to in section 44AA(1) or
> persons earning income in the nature of commission or brokerage income or
> persons carrying on any agency business.
Section 44ADwont apply in case of Agency Business as well as in case of a business earning income from Commission or Brokerage.
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