SIR
COMMISSION FROM LICI RS.16,00,000 SIR MY QUARY CAN I GET PROFIT U/S 44ADA ABOVE 8% OR ABOVE 50% IS IT PROFESSIONAL INCOME OR NOT
sir plz advice me
6 Replies
Akhil
(Student CA )
(1005 Points)
Replied 08 July 2019
no ,44ad is not applicable for commission incomes
rishi
(student)
(408 Points)
Replied 08 July 2019
no, you've pay tax on commission net of other expenditures. and the option of paying tax on 8% of gross receipts is not available to commission business
RAJIB BHATTACHARJEE
(82 Points)
Replied 08 July 2019
SIR AFTER BOOKING EXPENDITURE MY PL A/C SHOWING PROFIT 22% IS IT ALLOWABLE OR NOT PLZ ADVICE ME SIR
rishi
(student)
(408 Points)
Replied 08 July 2019
yes you can but I would highly recommend you to consult a CA, as some expenses as per your profit and loss account could be disallowed.
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