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Commission income

Bhola Nath Roy (21 Points)

26 January 2021

Does commission income of Rs. 1lakh requires any books of accounts. and under which head it will be?

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CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 26 January 2021

Not required for books of accounts

nirmal (Artical) (33 Points)
Replied 27 January 2021

Refer section 44AA

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 27 January 2021

Not required as income is less than 150000 rupees for notified profession and 1000000 rupees as per normal profession

prasad Nilugal (3914 Points)
Replied 27 January 2021

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 .

Kapadia Pravin (17249 Points)
Replied 27 January 2021

No books of accounts
Business income being commission received if regularly or IFOS if casually

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