Hi All,
I am a real estate agent. I have earned a good amount of income during the period of 4-5 years during the real estate boom.
But all the commission i have earned is in cash and undocumented. I would like to know declare my income and pay the appliccable taxes for the same.
My question is : is there any provision in Income Tax rules where in i can declare the income and make the tax payments. So that i can use my available income freely.
Please let me know.
Thanks
John
yes you can show your commission earned in cash. there is no provision that one can not earn in cash.
you will just have to keep the record from whome you have earned
Yes above advice is correct. Except take care of Sec 40 A 3 for disallowance of expense for payments above 20,000. Look up the detailed part of this section.
how to find income tax on commission?
my commission is rs. 20 lacs per annuam.
so what amt i have to paid to income tax?
CCI
Pro
CAclubindia
