Section 44ad
This query is : Open
23 October 2017
FACTS OF CASE TURNOVER OF FNO TRADING=12.00 LACS
ACTUAL PROFIT =00.20 LACS
CAN WE DECLARE A PROFIT OF 8% UNDER 44AD TO AVOID AUDIT AS THE ASSESSEE HAS NO OTHER INCOME.
ACTUAL PROFIT =00.20 LACS
CAN WE DECLARE A PROFIT OF 8% UNDER 44AD TO AVOID AUDIT AS THE ASSESSEE HAS NO OTHER INCOME.
23 October 2017
Add Commission income head as income to acquire above 8%.
FILE RETURN......
Relax...................
23 October 2017
Less than 8% we can't show sec 44ad....
Also 44ad is not applicable Commission based income .....
Message likes :
1 times
23 October 2017
No section/notification restricts if you are showing income even it is not there hence he can keep Commission income.
23 October 2017
@ Dear Mr Saurabh Jain.,
Please go to refer Sec 44ad...
Then you can choose which one is applicable for your above said query...
Don't be follow wrong advice. Then you can get intimation from ITD...
GOOD LUCK...
Message likes :
2 times
23 October 2017
I know very well that Commission or brokerage receiver's can't opt for 44ad.
But, In practice ITD never issue a show cause if a person offers more income and pay tax accordingly.
This thing is well known by every Certified Tax Practitioner.
24 October 2017
I / All know the "VERY WELL CERTIFIED TAX PRACTITIONER" can't follow wrong way... Bcoz, they all are work based ONLY assesee's comfortable. Can't work his OWN WAY.....
24 October 2017
Please suggest a better way to avoid audit. The Assessee does not have any other income except fno trading income.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
