13 July 2018
Sir one of my client is an agent receiving commission from AIRTEL (telecom) for doing activity of Selling recharge cards For AY-18-19 he has received commission of Rs 3,62,313, and TDS was deducted u/s 194H and his total sales for the period FY 17-18 is 1,38,29,800 (more than 1cr) can he file income tax return by opting special business-44 AD/AE with out books
will he liable to get his books of accounts audited will he comes under TAX AUDIT pleas give me your suggestions pleas help me
13 July 2018
Since the reciepts are less than 2 crores tax audit is not required.if ur client opts 44AD his tax liability will be 6%/8% and if he claims his income is less then he has to go for tax audit and maintain proper books of accounts.The income from such business is not enough hence he should opt for tax audit.
13 July 2018
what are the books that are to be maintained in such case is it mandatory to get books audited by a CA, even though there is no any expenditure? can i show all the amount of commission received (as amount reflected in 26AS) as income and file the return with out tax audit?
13 July 2018
In case the client dosn't opt for tax audit his incomewill be 6%/8% of total turnover and his tax liability will be much more.To reduce the tax ,audit is nessary.maintain purchases book,sales book,cash book and bank.
CAclubindia
