Gross receipt as net profit
This query is : Resolved
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...
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
(Expert)
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.
.
as near to the status of assets and liabilities of the client, as possible.
.
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...
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...
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