income tax

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  1. rudradev

    rudradev New Member

    I want to know if my total commission is Rs. 4350000/- from recruitment service for FY 2015-16

    Is tax audit applicable to me?

    please clarify.

  2. ZED

    ZED Well-Known Member

    Yes, its applicable.
    Every person,—

    (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; or

    (b) carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees in any previous year;

    get his accounts of such previous year audited by an accountant before the specified date and furnish by that date the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed :
  3. Somendra Nath De

    Somendra Nath De New Member

    Dear Sir,

    I have worked for MNC (say A) from april 2015 to july 2015 and then switched to MNC (say B) from august 2015 till march 2016.

    Now I have received Form 16 from both MNCs A & B. But when I am comparing the values of Form 16 with Form 26AS, I found that there are no entry for MNC A in 26AS. Please note that no tax has been deducted during employment in MNC A but tax deducted by MNC B.

    Kindly let me know what should I do in this case as form 26AS not showing income of MNC A ?

    [email protected]
  4. Karan Batra

    Karan Batra Well-Known Member

    @Somendra Nath De

    If No Tax has been deducted by MNC A, then it wont be reflected in Form 26AS.

    However, you should disclose the consolidated income from both the employers in the income tax return
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