Question ID :
39293
Audit for Commission agents
Whether Commission agents receiving less than 50 Lacs commission have to get tax audit if their net income comes below 50% of commission
Posted by
Mahesh Kumar
on
Jul 16, 2019
Filed Under
DIRECT TAXES
No, the commission agent is not covered by 44ADA. Tax audit is not required
Posted by
CA. BISHT RAKESH on
Jul 16, 2019
Answer ID :
79042
Section 44ADA specifically excludes income from commission or brokerage. So in case of commission agent tax audit is mandatory if net income is below 50% of commission income.
Posted by
CA. chunauti dholakia on
Jul 17, 2019
Answer ID :
79049
In case of partnership firm, audit is compulsory if interest and remuneration paid to partners.
Posted by
Bharatbhai on
Jul 18, 2019