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Commission income

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 July 2012 respected sir,
i have received 500000 gross receipts in the nature of commission income. how much netincome (witch percentage would appear genuine to departmentgenerally)
i can declare to income tax department .
thanking you
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
20 July 2012 Dear Friend, You have to access your income from all sources and clubbed them to find out gross total income. As per Income Tax Act, 1961 all income of resident individual will be taxable unless / otherwise exempted. you have to declare all income and pay taxes on them. There is no any criteria described that how much income to show.Thanks
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