RAHUL B. (CHARTERED ACCOUNTANTS) (92 Points)
25 February 2020Hello ,
Gross receipts more than 1 crore i.e 1.2 crore from travel agency business. However commission income is low . Return filed under normal provisions declared defective and asked tax audit report.
1) can i revise return u/s 44AD now as the limit is 2 crore
2) how do i escape tax audit ? No details maintained by assessee.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 February 2020
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 25 February 2020
RAHUL B.
(CHARTERED ACCOUNTANTS)
(92 Points)
Replied 25 February 2020
Kapadia Pravin
(17259 Points)
Replied 25 February 2020
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 February 2020
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 February 2020
RAHUL B.
(CHARTERED ACCOUNTANTS)
(92 Points)
Replied 25 February 2020
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 February 2020
RAHUL B.
(CHARTERED ACCOUNTANTS)
(92 Points)
Replied 25 February 2020
Kapadia Pravin
(17259 Points)
Replied 26 February 2020
CA Prasanth S S
(Chartered Accountant )
(32 Points)
Replied 26 February 2020
As per Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961,
Refer Para 5.17 - The following items would not form part of "gross receipts in business" for purposes of section 44AB:-
(viii) - In the case of a travelling agent, the amount received from the clients for payment to the airlines, railways etc. where such amounts are received by way of reimbursement of expenses incurred on behalf of the client. If, however, the travel agent is conducting a package tour and charges a consolidated sum for transportation, boarding and lodging and other facilities, then the amount received from the members of group tour should form part of gross receipts.
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