Hello Sir,
Can any one provide the answer of the following question?
Can any one claim the Income received as a Commission from the Aangadiya Business and commission received from the real estate business under Sec. 44AD?
Thanxs.
1 Replies
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 06 July 2011
Yes, in case gross commission receipts are less than60.00lacs, you can show the income U/s 44AD.
But , you must show income at a higher percentage otherwise, his investment in assets may not be justified.
For example, if Commission Income is Rs 400000/ -. If you show the income @ 8% to Rs 32000/- and he is having Rs. 300000/- as bank balance
and further purchases a house for Rs. 800000/- in the same year.... His balance sheet as at 31.3.2010 has shown only Rs 200000/ as capital.
In such cases, sooner or later explanation may be sought for.
Recent Topics
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
- TDS on purchase of Flat under subvention scheme be
- Nznxnc call me at the end of the day of the
- Nsje snswk fjw ed le ene djff ne enje ejdd rejje
- Hxjcif the day I have been in touch with me and
- Iska djd djrbdsjebshe sir ur rei ejr reinr the jr
- GST registration for medical shop in Karnataka
- Hsshs me know if you are free number of the
- Chu Kang and the situation of the situation and I
Related Threads
CAclubindia
