Nature of business
This query is : Resolved
18 May 2018
An individual is acting as an agent for land registration and payment for stamp duty. He even sometimes gets cash deposits in his account which he pays on behalf of his clients and gets commission as well.If such deposits account for above 5 cr in his account. How can we deal with these receipts and commission ?? How much gross receipts we need to show for his return filing - the total receipts deposited or only the commission which is his actual source of income ????
19 May 2018
Generally, commission is the gross receipts of commission agents. But, considering the modus operandi of cited case, it is difficult to establish source of receipts and the commission amount. It is a vexed issue and invites considerable damage, form tax
point of view, to the said person.
point of view, to the said person.
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