13 May 2012
WHAT D AUDIT LIMIT FOR 194H COMMISION.....HOW MUCH EXPENSES HE CAN CLAIM AGAINST HIS COMMISION..WHTS D MAX LIMIT...? PLZ REPLY SOON...TNX IN ADVANCE
15 May 2012
The Audit Limit for commission income is Rs.60 lakhs. The expenses he can claim is the actual expenses incurred for the business. Section 44AD is not applicable for this business. So it should be shown on actual basis even if the turnover is below 60 lakhs.
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