Income tax return

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sachin sharma (Querist)
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26 March 2012 sir,
i earn income as a commission on sale of property and i want to file the income tax return.
so please tell me that which head these income should be show and what will the process of show income when i am not registered as a company or proprietor. and i want to include in my indivual return. and no tds deduct by any party.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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26 March 2012 you can show the commission income under the head "income from other sources" as per 56 and you can claim the deduction of expenditure incurred to earn the commission income u/s 57.

Jinesh Bhagdev

Jinesh Bhagdev (Expert)
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26 March 2012 Its better to file it as income from business and profession as a Property Broker and claim all deduction of expenditure under the head income from business and profession.

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CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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26 March 2012 Dear Mr. Jinesh,

There is no business carried out by the person, the income earned is casual income. Further, no return has been filed in the earlier years also.
So,in my openion, it is correct treatment to show under income from other sources

sachin sharma

sachin sharma (Querist)
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28 March 2012 but sir as you know the limit of indivual is 180000. so income from other sources is too much for make a taxable income

and limit of tds on commission is 5000 so in this case tds is applicable but no tds deduct by any party.

sachin sharma

sachin sharma (Querist)
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28 March 2012 thanks for support