44ab audit

NO these receipts are specifically excluded under section 44AB.

So. therfore not liable to audit.

Originally posted by : Karthik.V.Kulkarni
	If it is a business then you are not liable as gross turnover is less than 1 crore. If it is a profession then you are laible to tax audit as limit exceeds rs 25 lac.

on commision income section 44AB is not applicable.

It is specifically excluded.

@ Vinay:

No the payee is not subjected to 44AB audit as the income is business income and hence the turnover calculation will be wrt 1 cr and since the turnover disclosed here is below 1 cr, hence not subjected to tax audit

@ Devil:

I agree with karthik that commission income is excluded from 44AD and not 44AB.

@ Karthik:

However the said income will be considered as a business and not a profession. Since the said income has not been notified as professional income. 

@ Rahul:

What do you mean by "Commission paid is excluded from the income." Please elaborate. However with rest part I agree with you.

Section 44 AB tax audit, while 44AD is of presumptive income.Commision Income is not eligible for 44AD. However in this case income shall not be liable to tax Audit as Gross receipt is less than 1crore.

@ RAHULSMITTAL

I got the point with what aspect that you meant the statement. Thanks. Actually I didn't get it at that point with what relation it was meant for, so I had asked. But anyways, thanks for sharing.