Comission received

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santosh (Querist)
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07 December 2013 client is doing profession business.
As commission received is shown under head Income from other sources
Then does it(commission) comes in P&L a/c.
If so then the Net profit which arises in P&L a/c is shown under head Business & Profession.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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07 December 2013 Commision is business income and therefore will be credited to profit and loss a/c.

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santosh

santosh (Querist)
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09 December 2013 But commission received is shown under Income from other source

Ganeshbabu K

Ganeshbabu K (Expert)
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09 December 2013 Commission income is business income and taxable under head business income
.
.
so you have to show this in profit and loss only
.
.

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santosh

santosh (Querist)
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10 December 2013 That means Commission received does not comes under Income from other sources

Ganeshbabu K

Ganeshbabu K (Expert)
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10 December 2013 yes, it is ..
.
.
commission income is treated as business income and taxable under

santosh

santosh (Querist)
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11 December 2013 thanks for response sir

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