I have a question about a very specific situation up my sleeves:
"If someone is working as a full time employee in an organization and side by side doing a business, which requires the the person to do online payments through his / her account and earn commission on every payment made" then will he be taxed for the online payments from his account or not?
For instance:
1.) The person is getting a salary of 30000 per month in his account 2.) He is also doing a side business of facilitating MCD licenses and for the same, he makes online license payments from his salary account (amounting to Rs. 30,00,00 per month (but all this money is the client's money which is paid to the government only and does not go to his pocket) 3.) For every license paid through his account, he gets Rs. 100 in his account.
The question is if the person will be charged for the license fee amount as well?
06 March 2010
The tax payable at the comission income also over and above his salry income. He has two option to pay the tax, he can declare the estimated income for the year to his employer who will deducted TDS at the time of making salary payment. Second he may make payment of advance tax on the due dates. Hope you are aware of the advance tax due dates in case of an individual
CAclubindia
