CAN EXPENSES BE DEDUCTED FROM COMMISSION RECEIVED FROM SALE OF PROPERTY??
ONE PERSON HAS RECEIVED SAY RS.100000 COMMISSION CAN EXPENSES BE ALLOWED ON THE SAME?
Snehal
(Learning Tax)
(129 Points)
Replied 28 July 2011
Yes, all Expenses related to that Income can be claimed therefrom.
Commission will be treated as Income from Business and Section 44AD – Presumptive Income Scheme shall apply.
Ritu Sedwal
(Chartered Accountant)
(407 Points)
Replied 29 July 2011
Is 44AD applicable on such income?
As Section 44AD prescribes a method of presumptive taxation for assessee engaged in the business of civil construction or supply of labour for civil construction.
Ritu Sedwal
(Chartered Accountant)
(407 Points)
Replied 29 July 2011
Is Section 44AD applicable on such income?
As Section 44AD prescribes a method of presumptive taxation for assessee engaged in the business of civil construction or supply of labour for civil construction.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
