Easy Office
LCI Learning

Reporting income of Mutual fund commission agent

This query is : Resolved 

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.

16 June 2024 1. U/h PGBP. Yes.
2. '09005'

16 June 2024 Thank you Rambhia Sir.

16 June 2024 Yes show it under commission income under the head business income. You cannot claim 44AD benefit on this income.

16 June 2024 You are welcome.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link

Similar Resolved Queries


Unanswered Queries

Answer Query