I recieve amounts through e- mode and withdraw the same and make payment in cash after deducting commision.
1) Is there any limit for savings a/c........?
2) Will all reciepts be considered as Turnover for for IT return?
3) Where shall I show the Commision Income?
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Reciepts & Payments Via Savings A/c
Replies (4)
1. Yes, each bank have their own restrictions of number of transactions for charges. Check it with your bank.
Secondly, bank has to report to ITD (SFT 002), when the aggregate deposits exceed Rs. 10 lakhs.
2. Yes, unless you can justify otherwise.
3. You need to file ITR 3 for the commission income.
Is Commission Recieved is my Turnover or Deposits in Bank is Turnover????
Actually only commission received should be your turnover; but it depends how you account it.
Ok ....thank you😊
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