Export brokerage commission
This query is : Resolved
09 June 2017
A- is a Foreign seller, B is a foreign buyer, C-is our concern in india. A is sold some goods to B. and B paying the amount to C including Brokerage commission, We will pay the amount to A after deduct brokerage. How we treat the income for income tax(what type of income for P & L) . and any formalities for this foreign brokerage.
CA R SEETHARAMAN
(Expert)
09 June 2017
It is a commission income for P&L taxable in India as C is resident of India. Payment and receipts should be through banking channel.
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