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?
5 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 26 January 2021
Not required for books of accounts
CA. Sourav Sarkar
(Chartered Accountant )
(24588 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
(3924 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
(17264 Points)
Replied 27 January 2021
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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