Taxation of Income From Commission Business/Profession

Gross income 5 lakhs minus business expenses 1 lakh gives him a net income of 4 laks. Check whether he has anu orher income including bank sb a/ c interest. Upto 2.5 lakhs, no tax. Consider his savings in specified u/ s 80 C such as LIC etc., if any, deduct savings upto 1.5 lak. 

For His net income of 4 laks: tax liability is Rs 13,000/- after considering rebate of 2000. Out of Rs 50,000 TDS he can claim refund of 37,000/-

This being commission income he is required to maintain books of accounts. Sec 44 AD is NOT applicable

Hi,

For purchase and sale transaction assessee can file return on presumptive basis,but for commission income it is directly added in presumptive profit derived on sale transaction.