Reporting income of Mutual fund commission agent
This query is : Resolved
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16 June 2024
Dear Sir,
My query is as follows:
Mr A is a salaried person who helps others invest in Mutual funds through the Prudent platform. He received a monthly commission totaling to Rs. 185842/-pa. He doesn't maintain any books of accounts for this.
1) How can we report this income in his ITR? Can we show under commission/agency business without books of accounts? He incurs traveling expenses.
2) which business code is to be selected?
Kindly guide.
Regards,
Suraj
My query is as follows:
Mr A is a salaried person who helps others invest in Mutual funds through the Prudent platform. He received a monthly commission totaling to Rs. 185842/-pa. He doesn't maintain any books of accounts for this.
1) How can we report this income in his ITR? Can we show under commission/agency business without books of accounts? He incurs traveling expenses.
2) which business code is to be selected?
Kindly guide.
Regards,
Suraj
16 June 2024
1. U/h PGBP. Yes.
2. '09005'
2. '09005'
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CA Puja Sharma
(Expert)
16 June 2024
Yes show it under commission income under the head business income. You cannot claim 44AD benefit on this income.
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16 June 2024
You are welcome.
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