Head of income???
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 January 2015
one of the branches of professional couriers is taken over by Mr.X..
for every courier cover he gets 40 rs out of which 5 rs is sent to head office and remaining 35 rs will be income of Mr.X.
the branch maintainance will be done by X only..
please tell the income of 35 rs will be shown under which head??
is it treated as sales or commission or salary???
for every courier cover he gets 40 rs out of which 5 rs is sent to head office and remaining 35 rs will be income of Mr.X.
the branch maintainance will be done by X only..
please tell the income of 35 rs will be shown under which head??
is it treated as sales or commission or salary???
31 January 2015
It is business income. Taxable under the head PGBP.
Rupesh Jain
(Expert)
31 January 2015
under the income of business income.
K Srinivas, CMA CS
(Expert)
31 January 2015
Obviously, its not a salary since he has to bear all expenses. The revenue is taxable as business income
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