Commission reduced from income from commission

This query is : Resolved

Nirmal (Querist)
Follow

28 July 2011 My client has received commission from one of the Limited Company for sales bought by him to the company and he got 50k TDS deducted from the Company.

He further pays the commission to various people who have fetched the order for my client on the same sale for which he has received Commssion.

1)I want to know that whether commssion paid can be deducted from Income from Commission,and
2)he is not falling under Tax Audit hence he need not deduct TDS for whom he is paying Commission.am i rite ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

28 July 2011 i) Commission paid can be reduced from commission income.
ii) If in the immediately preceding year,he / she is not covered under tax audit no need to deduct tax u/s 194H from commission paid.

Message likes : 1 times

Nirmal

Nirmal (Querist)
Follow

28 July 2011 Can u please guide me whether do i have to file the same under Profit and gain from Business and Profession or under Income from Other source as assess is not maintaining books of accounts for this purpose.can u please let me know even the section.

Your reply is appreciated

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

xavier

CA. MOHIT SHARMA

Kamaljeet Kaur

SIVALINGAM

ARUN KUMAR

Subscribe Now

Commission reduced from income from commission

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

Accountant