Presumptive Taxation for Commission earned on Sale of Tractors
This query is : Resolved
25 February 2023
Dear Sir,
One of my client earns Commission income on Sale of Tractors. His TDS gets deducted U/s. 194H on this income. Can his return be filed under Presumptive Taxation scheme as his volume of business is not much. His Total Turnover is around Rs. 5,50,000/- p.a.
Please help me in this matter.
Regards,
Divyesh Jain
One of my client earns Commission income on Sale of Tractors. His TDS gets deducted U/s. 194H on this income. Can his return be filed under Presumptive Taxation scheme as his volume of business is not much. His Total Turnover is around Rs. 5,50,000/- p.a.
Please help me in this matter.
Regards,
Divyesh Jain
25 February 2023
No, assessee having commission income are not eligible for sec. 44AD of IT act.
25 February 2023
Ok, Is it mandatory to maintain his Books of Accounts.
25 February 2023
Check if sec 44AA of IT act is applicable, otherwise no need to maintain books.
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04 March 2023
Ok Sir, Thanks for your reply.
04 March 2023
You are welcome.
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