Wrong Treatment of Head of Income

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Jivan (Querist)
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24 August 2010 Assessee a director of company has received salary and commission from the company, Commission is received only once and not in earlier years. Payer company deducted TDS on commission and issued Form 16A. Assessee has shown commission in the head Business or Profession instead Income from Salary. Assessee has discharged tax liability relying on the above treatment. Please guide 1) Whether treatment given by assessee is correct?
2) if commission is treated as salary , now what will be the tax consequences.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 August 2010 My view the tax liability has been discharged already and also Jeniune, there will not be any consequnces,

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 August 2010 On the strength of form 16A, an assessee cannot declare the corresponding income under the head "Income from Salary".

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 August 2010 you revise the return and correct the same

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