Reporting income of Mutual fund commission agent

This query is : Resolved

Suraj (Querist)
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16 June 2024 Dear Sir,

My query is as follows:
Mr A is a salaried person who helps others invest in Mutual funds through the Prudent platform. He received a monthly commission totaling to Rs. 185842/-pa. He doesn't maintain any books of accounts for this.
1) How can we report this income in his ITR? Can we show under commission/agency business without books of accounts? He incurs traveling expenses.
2) which business code is to be selected?

Kindly guide.
Regards,
Suraj

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 June 2024 1. U/h PGBP. Yes.
2. '09005'

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Suraj

Suraj (Querist)
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16 June 2024 Thank you Rambhia Sir.

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CA Puja Sharma

CA Puja Sharma (Expert)
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16 June 2024 Yes show it under commission income under the head business income. You cannot claim 44AD benefit on this income.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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16 June 2024 You are welcome.

Message likes : 1 times

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