Presumptive income scheme on commission
This query is : Resolved
Vikas Sinha
(Querist)
29 July 2017
If an Individual is earning commission on banking services he provides as he is a business correspondent of bank of india .He makes transaction to and from bank customers in which all amounts redirects from his own overdraft account and counts to his transaction turnover and his income commission is only 20000-30000 on that turnover per month and total transaction turnover is around 3500000 per month. Then what should be filled in ITR 4S gross reciepts column because he wants to opt for presumptive taxation scheme.
CA R SEETHARAMAN
(Expert)
29 July 2017
Presumptive taxation not applicable on commission income.
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