Wrong Treatment of Head of Income
This query is : Resolved
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.
2) if commission is treated as salary , now what will be the tax consequences.
25 August 2010
My view the tax liability has been discharged already and also Jeniune, there will not be any consequnces,
More reply solicited
More reply solicited
25 August 2010
On the strength of form 16A, an assessee cannot declare the corresponding income under the head "Income from Salary".
25 August 2010
you revise the return and correct the same
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