Itr

Dear friends

 

a person has recovery agency  which work for bank.

i.e.  his income is 5% commission on which amount he recoverd for bank

for example if he recover 100000 the his commission is 5000 on which bank deduct tds

i want to know that total recover is  6500000 and commission is rs 325000 on which tds of rs 32500 is deducted by bank

my main question is that for gross receipt , which amount is taken as his gross receipt : commission amout or the total amount which he collected for bank .

because if collection amount is taken as gross receipt he is liable for tax audit

 

please help me on this

Replies (3)
only comm. recvd will be taken as his gross receipts and not the amt recovered. expenses incurred can be claimed and net profit so arrived will be his income.

thanks Tribhuvan Aditya Singh for your kind reply

 

most welcome..

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details
Company
Featured 29 October 2026
Accounts Executive

Synergy Keystone

Chennai

B.Com

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
12 November 2026
Tax Product Specialist

BharatX.ai

Gurgaon

B.Com

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details