i have the following query..
suppose a person B has opened a firm and accepts all payments in the firm name and his main source of income is by way of commissions. .what are the accounts required to be maintained?the firm is not involved in any kind of trading activity
Hi Rohit...
ur question is not clear...
If u meant it propretory firm....den no confusions at all..all the income of business ll be taxed in his hands...n no problem if he s accepting the payments on behalf of his firm....
pls specify further details of the firm to giv a correct opinion....cos u r saying commission is his main source of income...in dat case commission shud be shown as income in the accounts of his firm n finally total profit of the firm(after cosidering the commission) ll be taxed in his hands...
CAclubindia
