Itr of commission agent.

This query is : Resolved

Rahul Prasad (Querist)
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27 December 2014 Dear sir,
My one of client is getting commission income from investing company.
My Query is
1. How much expense he can claim where AO will not object for that?
2. Is it mandatory to keep expense record like vouchers bill?
3.Till how much gross receipt Audit will not required?
4. Is it required to make balance sheet and P&L and fill in the ITR4.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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28 December 2014 for allowing expenses reasonableness matters, even loss can be claimed for excess expenditure.
Yes you need to maintain proper records for of documents.
Tax Audit limit under section 44AB will be 1 Crore
It not mandatory to file balance sheet, in case assessee who are not covered under section 44AB

Rahul Prasad

Rahul Prasad (Querist)
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29 December 2014 IF the client do not keeping any records of books of account then till how much expense can be shown while filling ITR.

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