31 October 2009
Hi, i am c.a. student i want to know if a person fully engaged in commission income then which head should be applicable to him whether bussiness profession or other sources or salary income; if bussiness imcome then books of accounts mainitained complusory. please reply.
01 November 2009
Since he is fully engaged in earning his commission the commission should be treated as business income and accordingly if his receipt of commission exceeds rs.120000 in a year he has to maintain books of accounts.
CAclubindia
