27 December 2014
Dear sir, My one of client is getting commission income from investing company. My Query is 1. How much expense he can claim where AO will not object for that? 2. Is it mandatory to keep expense record like vouchers bill? 3.Till how much gross receipt Audit will not required? 4. Is it required to make balance sheet and P&L and fill in the ITR4.
28 December 2014
for allowing expenses reasonableness matters, even loss can be claimed for excess expenditure. Yes you need to maintain proper records for of documents. Tax Audit limit under section 44AB will be 1 Crore It not mandatory to file balance sheet, in case assessee who are not covered under section 44AB
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