Business correspondent agent itr

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Student
160 Points Posted on 06 July 2022
do we need to maintain accounts for commission income earned by business correspondent agents?
how to proceed with filing itr of such assessees?
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On 06 July 2022 at 19:16 Report
Replies (12)
Quick Summary
This discussion clarifies the tax obligations for business correspondent (BC) agents regarding commission income. It confirms that commission received from banks is taxable and separate accounts should be maintained for it. Books of accounts become mandatory if income exceeds £2,50,000 or turnover exceeds £25,00,000, including income under Section 44AD. The turnover for a BC is generally considered only the commission received, not the total value of transactions handled.

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Article
36 Points Posted on 06 July 2022
Yes Commission received from the bank is taxable and separate account may be prepared for that
2 Reply
On 06 July 2022 at 20:11
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Chartered Accountant
86505 Points Posted on 06 July 2022
Need details of commission income only to file ITR
1 Reply
On 06 July 2022 at 21:49
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Student
160 Points Posted on 07 July 2022
Is there any limit above which we need to maintain books of accounts?
or even small amount of commission also require books of accounts to be maintained?
1 Reply
On 07 July 2022 at 09:09
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Chartered Accountant
5010 Points Posted on 07 July 2022

If the income exceeds Rs.2,50,000 or turnover exceeds Rs. 25,00,000 then books of accounts are mandatory for commission agents(individual + HUF) u/s 44AA. 

 

1 Reply
On 07 July 2022 at 13:33
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Student
160 Points Posted on 07 July 2022
Is it including 44ad income .....or only commission income limit?
1 Reply
On 07 July 2022 at 14:25
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Chartered Accountant
86505 Points Posted on 08 July 2022
Including 44AD income
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On 08 July 2022 at 00:03
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Student
160 Points Posted on 08 July 2022
Thank u everyone for helping me 😊😊
1 Reply
On 08 July 2022 at 14:09
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Chartered Accountant
86505 Points Posted on 10 July 2022
Welcome Dear....
1 Reply
On 10 July 2022 at 13:36
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Article Clerk
22 Points Posted on 29 December 2022

What will be the turnover for a Banking Correspondent. Only the commission received or the total work done as BC which may run into crores whereas the commission comes only few lacs.

 

Urgent

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On 29 December 2022 at 09:41
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Student
76 Points Posted on 01 October 2024

WHAT WILL BE THE TURNOVER FOR BUSINESS CORRESPONDENT ?

are you received answer for this ?

can you give me information about that turnover?

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On 01 October 2024 at 14:06
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Audit Assistant cum Accountant in "SANAT
30 Points Posted on 06 August 2025

what is the business code for filing ITR for Banking Correspondent Business

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On 06 August 2025 at 18:53
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Student
76 Points Posted on 06 August 2025

Comission received by BC Is only his income.

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On 06 August 2025 at 19:43

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