Hii
I received currency exchange commission of 20lakhs during FY 2020-2021, on which 70k tds was deducted under section194h, and I paid salaries to my staff nearly 15 lakhs above..
which ITR is applicable for me
and
44 AD is applicable or not ie 6% presumptive
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Whether 44AD is applicable for 194H tds income
Replies (3)
Therefore, assessee declaring income u/s 44AD, 44ADA or 44AE is liable to deduct TDS. e.g. Every 'person' is required to deduct TDS u/s 192 if the estimated salary exceeds the maximum amount not chargeable to tax.
Section 194H focuses on income tax levied on any income by means of brokerage or commission, by any individual accountable for paying to a resident. ... When such income is deposited in the account of the payee or any other given account, TDS under Section 194H will be deducted.
You may opt 44AD. 6% is applicable for the receipts through banking channel only. You will have to declare 6% of 20Lakh i.e. Rs. 1,20,000/-. But, be sure about your total receipts/turnover.
U can file return under 44AD 6% or 8%, as the case may be
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