Auto Consult Income

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This discussion clarifies whether income from the purchase and sale of old vehicles (auto consult income) is considered business income. The consensus is that it is business income, but the specific way it's declared depends on your transaction method. If you only receive commission, declare it as such; otherwise, it should be treated as sales and purchase income.

Javed Memon

Javed Memon (Querist)

17 June 2024 Respected Sir

Auto Consult Income ( Purchase and Sale of old Vehical)

First question is auto Consult Income is business income or not
Can I show this income under ifos??

Second question is if it's only declare under business then what amount should be show , it's only commission income or sales income ??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

17 June 2024 Auto consult income is Business income.
Depends upon your way of transactions. If you receive only commission in that case declare it as only commission income, otherwise sale & purchase of commodity.

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 August 2024 Good luck.

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