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
Answer ID :
79039
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