Misc. income
This query is : Resolved
Querist : Anonymous
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
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
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
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
Message likes :
1 times
10 April 2012
cirrect the expert has given correct answer
10 April 2012
correct the expert has given correct answer
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