Commission income

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21 Points Posted on 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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On 26 January 2021 at 22:24 Report
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This discussion clarifies whether commission income of Rs. 1 lakh necessitates the maintenance of books of accounts. Generally, for individuals, books of accounts are not required if income is below certain thresholds, as per sections like 44AA and amendments in the Finance Act 2017. However, specific turnover limits and the nature of the income (business vs. casual) can influence these requirements.

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Chartered Accountant
24588 Points Posted on 26 January 2021
Not required for books of accounts
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On 26 January 2021 at 22:34
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Artical
33 Points Posted on 27 January 2021
Refer section 44AA
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On 27 January 2021 at 01:04
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Chartered Accountant
24588 Points Posted on 27 January 2021
Not required as income is less than 150000 rupees for notified profession and 1000000 rupees as per normal profession
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On 27 January 2021 at 06:25
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3924 Points Posted on 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 .
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On 27 January 2021 at 07:37
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17269 Points Posted on 27 January 2021
No books of accounts
Business income being commission received if regularly or IFOS if casually
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On 27 January 2021 at 11:48

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