Income of commission agent on sale of goods.
This query is : Resolved
03 October 2011
An individual reveived a commission income on the sale of goods on behalf of his principle .He gets his commission after deducting the TDS u/s 194H.
CAN WE APPLY SEC 44 AD FOR HIM.
OR CAN WE PREPARE PROFIT AND LOSS ACCOUNT AND CLAIM THE EXPENDITURE.
AS THIER ANY SPECIFIC SECTION IN INCOME TAX RELATED TO THIS TYPE OF INCOME..LIKE IT IS FOR INSURANCE COMMISSION INCOME.?
CAN WE APPLY SEC 44 AD FOR HIM.
OR CAN WE PREPARE PROFIT AND LOSS ACCOUNT AND CLAIM THE EXPENDITURE.
AS THIER ANY SPECIFIC SECTION IN INCOME TAX RELATED TO THIS TYPE OF INCOME..LIKE IT IS FOR INSURANCE COMMISSION INCOME.?
03 October 2011
you can adopted sec 44AD.
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03 October 2011
Sec 44AD applies only for Civil Construction bussiness income exceeds 4o lacs
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