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Misc. income

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 March 2012 Greetings of the day,

I am working in a private company and getting salary. Now I want to start some business and I will get commission in foreign currency from Foreign exporters.

My queries are :-

A- can I open a firm and can take commission in firm's name and can maintain Income & Expenditure a/c

B- Can I file return in ITR-1 showing both the incomes.

Please help.

With Regards
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CA Amarpal

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CA Amarpal (Expert)
13 March 2012 Dear, your question wise replies are as under:

A. U can start your business in the following modes:-
1. Proprietorship
2. Partnership firm
3. Company
All the accounts books as prescribed by laws, shall be maintained.

B. ITR- 1 is used for Salaried persons or having any income from one housing property. But ITR -1 is not used for income from Business or professional.

For any clarification - pls contact - 9717105008
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
10 April 2012 cirrect the expert has given correct answer
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
10 April 2012 correct the expert has given correct answer
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