I am working in a private company and getting salary. Now I want to start some business and I will get commission in foreign currency from Foreign exporters.
My queries are :-
A- can I open a firm and can take commission in firm's name and can maintain Income & Expenditure a/c
B- Can I file return in ITR-1 showing both the incomes.
13 March 2012
Dear, your question wise replies are as under:
A. U can start your business in the following modes:- 1. Proprietorship 2. Partnership firm 3. Company All the accounts books as prescribed by laws, shall be maintained.
B. ITR- 1 is used for Salaried persons or having any income from one housing property. But ITR -1 is not used for income from Business or professional.
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