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Limit of turnover in respect with 44AD.
what is the limit of turnover/gross receipts in respect of sec. 44AD for the AY 2020-21. And if a person receives commission on transaction from Rupees then what will be his gross receipts, the commission received by him or the total amount which is involved in transaction? Here transaction means suppose he is a proprietor of a kiosk banking. In this case transaction amount will be huge but this is not his income. His income is the commission received on these transactions. please guide me.
Replies (4)
Quick Summary
1. turnover limit is 2 Cr of section 44AD
2. Gross receipt will be commission received
3. A person who is earning income in the nature of commission cannot opt 44AD. So you are not eligible to opt 44AD.
2. Gross receipt will be commission received
3. A person who is earning income in the nature of commission cannot opt 44AD. So you are not eligible to opt 44AD.
In which form should he file his ITR?
ITR 3
Thank you sir..
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