INCOME FROM COMMISSION
This query is : Resolved
09 March 2022
DEAR SIR,
ONE OF MY CLIENT IS PARTNERSHIP FIRM AND OBTAINED GST REGISTRATION FOR TRADING LIQOUR. BUT STILL THERE IS NO SALES AND PURCHASES. BUT THE PARTNERS OF THIS FIRM TOOK A LEASE OF A SAME LIQOUR FIRM OF OTHERS BUT THE PROPRIETOR OF THIS FIRM IS NOT ANY PARTNER OF ABOVE FIRM. NOW MY QUERY IS THE LEASED BUSINESS IS LIKE INVESTMENTS ARE FROM PARTNERS THE DUITES AND TAXES PAID BY THE PROPRIETOR WHO LEASED HIS BUSINESS TO THE PARTNERS. MONTHLY SOME COMMISSION INCOME CREDIT TO MY CLIENTS PARTNERSHIP FIRM CURRENT A/C.
NOW HOW TO TREAT THIS INCOME BECAUSE IN THE PARTNERSHIP FIRM'S GST RETURNS SHOWING NILL RETURN THERE IS NO SALES AND PURCHASES. THIS TRANSACTION AFFECTS TO INCOME TAX RETURN FILING.
1. CAN I SHOW THE INCOME FROM OTHERSOURCES OF THE PARTNERSHIP FIRM THERE IS NO SALES AND PURCHASE IN THE GST RETURN.
2. OR COMMISSION DEBIT TO PARTNERS CURRENT ACCOUNT FROM FIRM'S BANK ACCOUNT.
PLEASE SUGGEST ME TO RESOLVE THIS PROBLEM EARLIEST YOUR GUIDENCE NEED MUCH OBLIGED FOR MY KNOWLEDGE
REGARDS
ONE OF MY CLIENT IS PARTNERSHIP FIRM AND OBTAINED GST REGISTRATION FOR TRADING LIQOUR. BUT STILL THERE IS NO SALES AND PURCHASES. BUT THE PARTNERS OF THIS FIRM TOOK A LEASE OF A SAME LIQOUR FIRM OF OTHERS BUT THE PROPRIETOR OF THIS FIRM IS NOT ANY PARTNER OF ABOVE FIRM. NOW MY QUERY IS THE LEASED BUSINESS IS LIKE INVESTMENTS ARE FROM PARTNERS THE DUITES AND TAXES PAID BY THE PROPRIETOR WHO LEASED HIS BUSINESS TO THE PARTNERS. MONTHLY SOME COMMISSION INCOME CREDIT TO MY CLIENTS PARTNERSHIP FIRM CURRENT A/C.
NOW HOW TO TREAT THIS INCOME BECAUSE IN THE PARTNERSHIP FIRM'S GST RETURNS SHOWING NILL RETURN THERE IS NO SALES AND PURCHASES. THIS TRANSACTION AFFECTS TO INCOME TAX RETURN FILING.
1. CAN I SHOW THE INCOME FROM OTHERSOURCES OF THE PARTNERSHIP FIRM THERE IS NO SALES AND PURCHASE IN THE GST RETURN.
2. OR COMMISSION DEBIT TO PARTNERS CURRENT ACCOUNT FROM FIRM'S BANK ACCOUNT.
PLEASE SUGGEST ME TO RESOLVE THIS PROBLEM EARLIEST YOUR GUIDENCE NEED MUCH OBLIGED FOR MY KNOWLEDGE
REGARDS
10 March 2022
Treat it as commission income of the firm and pay 18% GST.
Show commission income in income tax return of firm.
Show commission income in income tax return of firm.
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