01 September 2015
MYSELF IS MUTUAL FUND ADVISOR HAVING COMMISSION GROSS RECIPETS RS 26,00,000/- DURING THE PERIOD 1-4-2014-31-03-2015 WHETHER THE SAID RECIEPT TO BE CONSIDERED AS A INCOME FROM OTHER SOURCES UNDER INCOME TAX ACT WHILE FILING RETURN OF INCOME OR PROFESSIONAL INCOME PL CLERIFY
01 September 2015
Same like lic agents or agent of any societies, u are also earning commission so it is not like running any profession. Hence no professional income.
03 September 2015
I respect your view, but normally professionals charge fees from their clients and that fees treated as their professional income. But here he is getting commision from mutual fund for his services as an agent. Please rectify, if wrong.
03 September 2015
thank u shijith and sunny ji for ur replies but still their is confusion to treat mutual fund advisor income as professional income or not
CAclubindia
