Commission income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2012
respected sir,
iam a commission agent in a chitfund company and received the commission of rs 400000 as gross receipts of commission during fy 2010-11.i have filed itr-4 for relevent ay that is 2011-12 and declared 50 percet of gross commission as net income under no books of accounts head and paid tax.
and now i came to know that, as my net income crossed 120000 it is wrong to declare net income through no accounts colum. please some one may clarify that what are the actual problems i face from IT departmet (penalty notice or something like that)
please clarify .
thanking you
iam a commission agent in a chitfund company and received the commission of rs 400000 as gross receipts of commission during fy 2010-11.i have filed itr-4 for relevent ay that is 2011-12 and declared 50 percet of gross commission as net income under no books of accounts head and paid tax.
and now i came to know that, as my net income crossed 120000 it is wrong to declare net income through no accounts colum. please some one may clarify that what are the actual problems i face from IT departmet (penalty notice or something like that)
please clarify .
thanking you
21 July 2012
Until the notice from the department reaches you, you need not to worry. The department desires to get filed the return in no accounts section only specifically in the cases of small assessees.
.
In case notice comes, you may furnish the particulars of your income and expenditure and the relevant details asked for. You can get prepared the accounts also, so please maintain and compile all the details.
.
.
In case notice comes, you may furnish the particulars of your income and expenditure and the relevant details asked for. You can get prepared the accounts also, so please maintain and compile all the details.
.
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