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?
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Urgent!!
Replies (4)
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.
thank you..!!
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.
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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