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Commission income
Does commission income of Rs. 1lakh requires any books of accounts. and under which head it will be?
Replies (5)
Quick Summary
Not required for books of accounts
Refer section 44AA
Not required as income is less than 150000 rupees for notified profession and 1000000 rupees as per normal profession
As per Amendment in Fanance Act 2017 .w.e.f. 1/4/2018 for Individual Income more than 2,50,000/- or turnover more than 25,00,000/- ,one has to maintain books of accounts .
No books of accounts
Business income being commission received if regularly or IFOS if casually
Business income being commission received if regularly or IFOS if casually
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