Income from brokership/commission

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2014 Respected experts ,

I am a broker ,i have involved in this activity frlm last 6 years, i do this as my part time activity . i make my profit in a buyer and seller transaction ( like commission ).

Now i want to file an income tax . Can i file ?

since i am a street broker , i dont have any office , shop , registration under municipal corporation like other persons and business activities .
Will it create any problem ?

help me and suggest me what to do and what is right for me ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 October 2014 You can file your income tax return showing your commission income under business income. There is no need for any office, shop or registration. you can do it from your home no problem.

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2014 sir , will i have to maintain record ?

what type of record should i maintain ?
in a brokership income , i earn from both parties .

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 October 2014 Copy of buying and selling contracts and commission receipts details.

Maintenance of Books of accounts by other Persons covered u/s 44AA (2): In relation to any other persons engaged in any other profession or carrying on any business other than section 44AA (1), the requirement of compulsory maintenance of books of accounts applies if- either the income from business or profession exceeds Rs 120000 or the turnover or gross receipts exceed Rs 10 Lakhs in any one of the three years immediately preceding the previous year.

Querist : Anonymous

Querist : Anonymous (Querist)

27 October 2014 respected sir ...

I am a small broker . I arrange some residential plots or home for needy one . I personally dont buy anything , i find customer for seller and after dealing i took some percentage from seller and buyer .

sir you told me about receipt , buying and selling contracts , i am not professional broker till now . I dont know about receipt .

i can arrange and maintain only name of my customers and their address.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 October 2014 You can maintain only the name of your customers, address and commission earned.

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