E-TICKET AND MONEY TRANSFER
shaikh sajeed (Associate) (151 Points)
24 June 2024
Does the business of E-TICKET AND MONEY TRANSFER can be FILED u/s 44AD?
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 24 June 2024
Commission income cannot be declared u/s. 44AD IT act.
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 24 June 2024
Presumptive taxation for businesses is covered under Section 44AD. Businesses with a turnover of less than Rs. 2/3 crore can choose this scheme and must declare profits of 8% for non-digital transactions or 6% for digital transactions. The following businesses cannot use presumptive taxation:
- Life insurance agents
- Commission agents
- Businesses involved in plying, hiring, or leasing goods carriages
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