Income tax return
This query is : Resolved
26 March 2012
sir,
i earn income as a commission on sale of property and i want to file the income tax return.
so please tell me that which head these income should be show and what will the process of show income when i am not registered as a company or proprietor. and i want to include in my indivual return. and no tds deduct by any party.
i earn income as a commission on sale of property and i want to file the income tax return.
so please tell me that which head these income should be show and what will the process of show income when i am not registered as a company or proprietor. and i want to include in my indivual return. and no tds deduct by any party.
26 March 2012
you can show the commission income under the head "income from other sources" as per 56 and you can claim the deduction of expenditure incurred to earn the commission income u/s 57.
26 March 2012
Its better to file it as income from business and profession as a Property Broker and claim all deduction of expenditure under the head income from business and profession.
26 March 2012
Dear Mr. Jinesh,
There is no business carried out by the person, the income earned is casual income. Further, no return has been filed in the earlier years also.
So,in my openion, it is correct treatment to show under income from other sources
There is no business carried out by the person, the income earned is casual income. Further, no return has been filed in the earlier years also.
So,in my openion, it is correct treatment to show under income from other sources
28 March 2012
but sir as you know the limit of indivual is 180000. so income from other sources is too much for make a taxable income
and limit of tds on commission is 5000 so in this case tds is applicable but no tds deduct by any party.
and limit of tds on commission is 5000 so in this case tds is applicable but no tds deduct by any party.
28 March 2012
thanks for support
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