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Comission received

This query is : Resolved 
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(Querist)
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.
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CS,CA F,Numrologi TusharSampat

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

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

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Ganeshbabu K (Expert)
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

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

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

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santosh (Querist)
11 December 2013 thanks for response sir
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