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Urgent!!


LLOYD VAZ (Free Lancer)     28 July 2011

LLOYD VAZ
Free Lancer 
 4 likes  158 points

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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?

avater

Snehal (Learning Tax)     28 July 2011

Snehal
Learning Tax 
 9 likes  129 points

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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.

avater

LLOYD VAZ (Free Lancer)     28 July 2011

LLOYD VAZ
Free Lancer 
 4 likes  158 points

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thank you..!!

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Ritu Sedwal (Chartered Accountant)     29 July 2011

Ritu Sedwal
Chartered Accountant 
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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.

avater

Ritu Sedwal (Chartered Accountant)     29 July 2011

Ritu Sedwal
Chartered Accountant 
 81 likes  407 points

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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.


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