Income Tax on Commission Earned

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

Replies (5)

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.

Mr. John,

It is a very complex issue everything I cannot explain it here. Let me give some idea. Suppose in last 6 years you have earned Rs. 10 L each year. 

U cannot file ROI of more than 2 years.

Today date is 13.6.2011

You can file ROI of PY 2009-10 and 10-11.

You cannot file ROI of earlier years. Even if u file it will be treated as your black money. Therefore beaware.

U have to think something else. Contact ur CA etc he will guide u.

Thanks

 

 

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?

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