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???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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31 January 2015 It is business income. Taxable under the head PGBP.

Rupesh Jain

Rupesh Jain (Expert)
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31 January 2015 under the income of business income.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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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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