hi,
i was working with a export firm on freelance basis for the last year. on january this year i had made a verbal agreement that in the event of sales made by me on behalf of the firm i will be given 5% of the sale amount.
so by feburary our product was sold to our client in china and the payment for the good s was realised only last month, now the firm i was associated with has released my commission of Rs 900000/-( by rtgs) but they have not deducted any TDS Or Any other tax. all my salary in previous months were paid in cash and the amount was 15000 P.M + expenses of around 3000,so i have not made any IT return till now. this will be my first return filling.
do i need to declare the entire 900000 as my income andf pay the respective tax or i need to tell the firm that paid me to pay tds . as they are export firm they dont pay tds . that is what one of the owners told me though there turnover is well above 10000000.
kindly guide me as i want to maintain a clean record. so that later on someday i can start my own business.
thanks and regards.
rajarshi.
CAclubindia
