03 January 2013
SALARY INCOME FROM A PVT LTD COMPANY : 1,40,400/- PA COMMISSION RECEIVED AGAINST SELLING OF VEHICLES : 3,64,000/- Now how can I calculate Taxable Income.
03 January 2013
1) Commission Income is out of purview of filing presumptive basis since retrospective effect of the day it was enacted. Therefore if you have commission business of 3,64,000, if your business income is above Rs.1,20,000 you must maintain books and file the ITR4 only for individual / sole prop.
2) You have not indicated if the commission is received from the same private limited company. If it is a different concern paying you commission and not your employer, please calculate your profit after all allowable expenses and depreciation etc.
Total Income = 504400 Less Basic Exemption = 200000 So balance Rs. 304000 is your taxable income, you can show your investment under chep VI-A for tax saving.
Since you are having salary income, you can not file ITR4S.
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