44AB of income tax act
This query is : Open
09 January 2009
What is the criteria of tax audit in case of a commission agent whose major receipts are by way of commission and turnover used to be in thousands only. It will be covered under sec. 44AB or sec. 44AF. Also, in the last column of tax audit report, how the ratio as to net profit/turnover to be calculated.
Plz ans.
Thanx
Plz ans.
Thanx
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
In the given case total sales/turnover/gross receipts mentioned in section 44AB may be considered as commission. Section 44AF do not apply. For calculating ratio turnover may be considered as gross commission received.
09 January 2009
Due to server error the answer is repeated. Inconvenience is regretted.
16 January 2009
Sir, thanks for the reply
But if the sales are of Rs. 15 lacs and commission is 24 lacs. then total turnover comes to Rs. 39 Lacs. I think Sec 44AF will apply.
Am I right?
Please reply
Thanks a lot
But if the sales are of Rs. 15 lacs and commission is 24 lacs. then total turnover comes to Rs. 39 Lacs. I think Sec 44AF will apply.
Am I right?
Please reply
Thanks a lot
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Adjustment at the beginning of the year
- Bifurcation of prepaid expenses
- Is income taxable or receivable or received in case of LLP and company
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
