if I have income from commission only then 44AD is not applicable for me.Can I show profit less than 8% if my gross receipts are below 1 crore. Is audit applicable in my case?
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Income from commission
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Yes audit is applicable if profit is below 8%
even your total business receipt is less than 2cr and you show your profit from business is less than 8% than audit will applicable to you
can you please give reason behind this. @ saurav bhattacharya
@ Sonali.,
First of sec 44AD is not applicable for Commission Income... Right...!
If any eligible businesses u/s 44ad can declare his income as per the sec and Show the Profit 8 percentage or above 8 percentage...
If assessee will show the profit less than 8 percentage then Tax Audit applicable...
First of sec 44AD is not applicable for Commission Income... Right...!
If any eligible businesses u/s 44ad can declare his income as per the sec and Show the Profit 8 percentage or above 8 percentage...
If assessee will show the profit less than 8 percentage then Tax Audit applicable...
I think 6 % used instead of 8 % if you turnover received through banking channel....
If your profit is not eligible for claiming under section 44AD then you can declare the profits at lower than or higher than 8 % and audit is not applicble.
Reason is section 44AD is not applicable and in such scenario, Audit will be applicable only if your total commission income is more than 50 Lacs or 1crore as the case may be.
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