Audit
This query is : Open
14 March 2013
dear sir TDS u/s 194H AND 194D Commission & Brokerage income 50 LAKH then audit requried or u/s 44AD liability is applicable or not tell me somthing about that.
14 March 2013
sec 44AD will not apply to a person having income from (i) a profession, (ii) commission or brokerage or (iii) any agency business.
in your case you have not mentioned the FY if it is 11 - 12 Tax audit limit is 60 lacs & for 12 - 13 it is 1Cr
Hence in your case Audit will not be applicable, nor you can declare income on presumptive basis,. you have to declare income on actual basis.
in your case you have not mentioned the FY if it is 11 - 12 Tax audit limit is 60 lacs & for 12 - 13 it is 1Cr
Hence in your case Audit will not be applicable, nor you can declare income on presumptive basis,. you have to declare income on actual basis.
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