I worked as a contractor through an agency that took a cut of 40% from my income. I'm filing for presumptive tax under 44ADA. Should the reported income be after the 40% cut or before it?
Menu
Is cut taken by agency excluded from income?
Replies (1)
Sec. 44ADA of the act states 'actual consideration' without any expenditures, deductions or cut...
So, if the commission is being paid after receipt of contracted amount, it will not get deducted.
But if agency pays you after deducting cut, then your receipts are net off cut!!
Recent Threads
- Form 26QB – Section 194-IA: TDS on Full Cons
- Indexation Benefit available or not on Calculation
- Documents for return exhibition material
- Can I set off equity losses(both short term loss a
- Input tax credit on rent to rent
- Family Pension Army
- Waste Management services
- Seeking Clarity: New Transport Allowance Limits (D
- Query regarding Consolidated Gift Deed for Bank Tr
- TDS u/s194IB - Joint Ownership
Related Threads
CAclubindia
