Menu
ITR U/S 44AD
if my insurance commission income is 30 lakhs and my equity trading turnover is 57 lakhs with negative return then is it compulsory to get ITR audited us 44AD or not?
Replies (2)
1. Trading in equity will not be considered as a profession it will be considered as a business for the purpose of sec 44AB and T.O limit for a tax audit is Rs. 1 crore.
2. Insurance commission will be considered as professional income and T.O limit for a tax audit is Rs. 50 Lakhs.
3. Considering both the above cases tax audit is not required to be carried out u/s 44AB.
Please correct me if the above solution has an alternative view.
Sir can you share any notification over this
Recent Topics :
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
- Hi experts need some help
- Is SAP FICO a good career option for finance and a
- Direct Cost booking
Related Topics :
CAclubindia
