44ad
vishak (accounts) (488 Points)
03 November 2014
one of my assesse was commission income of rs 850000/- .allso diducting Tds u/s 194H can i file income tax return under 44AD.
3 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 03 November 2014
| Originally posted by : vishak | ||
 |
one of my assesse was commission income of rs 850000/- .allso diducting Tds u/s 194H can i file income tax return under 44AD. |  |
No.
.
As per sub-section (6) of section 44AD, the provisions of section 44AD shall not apply to a person earning income in the nature of commission or brokerage.
vishak
(accounts)
(488 Points)
Replied 04 November 2014
Then how will file this income ? I need avoid risk they have not maintaining books of accounts ?
Sumeet Lunkar
(CA)
(48 Points)
Replied 04 November 2014
Since his income exceeds basic exemption limit, he can either file it under ITR - 2 : Under income from other source or under ITR 4 - income from profession
Assuming it is an income from Profession, since commission has been specifically excluded from Section 44AD and gross receipts also exceed the limit under Section 44AA, the taxpayer has to maintain books of accounts. However audit would not be required since the limit is below 25L as per Section 44AB
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