Gross receipt as net profit

Save Share

This query is : Resolved

MALAY DAS (Querist)
Follow

22 January 2013 dear sir
if gross commission receipt more then 120000 then can it be show gross profit and net profit without show the expenses
and if net profit is above tax exemption limit then he have to pay tax? can it show in no account case? please advice me, thanks...

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

26 January 2013 In case of commission if the net income is 120000/ or more, you should show the income by Preparing Income & Expenditure A/c. Also start to prepare balance sheet in such cases
as near to the status of assets and liabilities of the client, as possible.
.

MALAY DAS

MALAY DAS (Querist)
Follow

27 January 2013 dear sir
thanks... but he has no any expenses record
so I show his return this way in no account
case without claming any expenses.can i need to crrection ? next time I respect your advice? any problem to get his refund back ? advice me I am very tensed.thanks...

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

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!