Incentive income
This query is : Resolved
04 May 2017
My client is working with an Inssurance Co and he gets salary + incentives. can we show the incentive amount as bussiness income and can we deduted expenses like depreciation, petrol exp etc in P & L a/c . Employer had issued form 16 as only salary & tds deduted on all amount .
thanks
thanks
04 May 2017
You can't do that. Incentive will be considered as part of salary income in case of salaried person.
04 May 2017
If he is getting incentive as fixed compensation then u need to treat it as salary. But if received as commission then that is his business income. And if business income is there then u can claim deduction of expenses like depreciation, petrol exp. etc (if not getting reimbursement of it and if asset is in the name of the employee).
04 May 2017
Employer has considered it as salary and deducted TDS so different treatment can't be given.
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