Distribution of income for proprietary business
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 February 2016
Dear Professional colleagues
I have query regarding income tax, My client is a proprietary concern , having its income from sale of tickets. They have given some amount to a party against sale of tickets but the same is shown as sharing of profit in P& L ACCOUNT.
Can you please help me by let me know whether this is possible, if possible then on what ground.
I have query regarding income tax, My client is a proprietary concern , having its income from sale of tickets. They have given some amount to a party against sale of tickets but the same is shown as sharing of profit in P& L ACCOUNT.
Can you please help me by let me know whether this is possible, if possible then on what ground.
23 February 2016
Treat it as sales commission and account it which will be allowed.
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