Income tax on Commission income
This query is : Resolved
02 February 2010
Mr A has received a commission income of Rs 1 crore.What type of expenses can he claim deduction so as to minimize his tax liability.
02 February 2010
First of all the taxability of any income depends on the activity engaged in by the assessee and also the business carried on whether it is the primary or incidental to the main business, then the taxability would depend on the same....
Hence it is the first and the foremost thing that what source the income is reeived and what is the activity of the assessee from where the incoem is received.
Hence it is the first and the foremost thing that what source the income is reeived and what is the activity of the assessee from where the incoem is received.
02 February 2010
The assessee has received the commission for arranging a loan to the client.It is the normal business of the assessee.But its just dat he has just commenced his business.
Aditya Maheshwari
(Expert)
02 February 2010
Appoint an income tax consultant to do the tax planning as the stakes involved are huge
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