income tax

This query is : Resolved

rupesh (Querist)
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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.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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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.

O.D.SHARMA

O.D.SHARMA (Expert)
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01 November 2009 Agreed,This is business income.

Deepak Goel

Deepak Goel (Expert)
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01 November 2009 Agree with expert

CA. C.N.PATIL

CA. C.N.PATIL (Expert)
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01 November 2009 It should be a business income & also books of a/c's to be maintained u/s 44AA

Rahul Vora

Rahul Vora (Expert)
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02 November 2009 It is a business income and books of accounts are required to be maintained

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