Taxation of Income From Commission Business/Profession

Pramod Bhansali (CA-Final & CS-Final Student & Textile Business)   (193 Points)

19 October 2016  
Mr. X is a Commission Agent, earns commission on sale of Textile products, Receives commission from seller after Closing of Financial Year at fix rate of commission.

He incurrs certain expenses to operate his commission business. eg. Rs. 100,000 in Fy 2015-16. Total Receipt from Commission business Rs.500,000. TDS Deducted from payer Rs.50,000.

How will his income be taxed under Income Tax Act?