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.
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.
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.
CAclubindia
