vc ki vines (44 Points)
05 August 2022
CA Sorav Gupta
(Chartered Accountant)
(1005 Points)
Replied 05 August 2022
Section 44AD is not applicable to commission income, therefore profit can be declared as less than 8%. Tax audit is applicable if the turnover exceeds Rs. 1 crore provided if the cash receipts is less than 5% of total receipts and cash payment is less than 5% of total cash payment, then tax audit will be applicable if turnover is more than Rs. 10 crore.
vc ki vines
(44 Points)
Replied 05 August 2022
CA Raj Doshi
(Practising CA)
(8939 Points)
Replied 05 August 2022
venkatesh
(student)
(25 Points)
Replied 21 September 2023
Can I file the tax return without tax audit if I'm earning only commission income
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