Deducted 194 H
This query is : Resolved
12 July 2024
This is commision on sale with with credit card ..So can I show it under 44ad as presumptive business income ..My friend uses his credit card for commission sale and in AIS it was showing credit card payment of 14 lakhs .. mostly done for credit card sale .So is that sufficient to file 44ad with showing profit of 12 percentage.
13 July 2024
Any commission income cannot be declared under sec. 44AD IT act, you have to go for normal assessment.
13 July 2024
So can we file itr 3 and put it under no account case and the payment amount as gross receipts and the net profit as the commission income ..he earned only 10500 with 8lakhs sales .and tds is deducted under 194h
13 July 2024
Yes, but profit margin less then 6% will attract query from CPC.
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