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Presumptive income
can commission earned from selling mutual fund scheme be considered under presumptive income and filed accordingly?
Replies (5)
Provisions of Section 44 AD of the Income Tax act not applicable to commission Income .
Thanks
and what about brokerage income from selling mutual fund?
and what about brokerage income from selling mutual fund?
No not applicable to brokerage also .
Ok
thanks a lot for information
thanks a lot for information
As commission or brokerage income falls under head other sources, it cannot be covered under 44ad, 44ada or 44ae. these sections apply only on income from profit gain on business and profession.
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