Tax on commision of 25 lacks
This query is : Open
23 June 2012
MY CLIENT GOT COMMISION INCOME OF 25 LACKS...HER TDS IS 2.5 LACKS...SHE DONT HAVE ANY BILLS IN HER NAME SO SHE CANT PRODUCE ANY RECORDS OF EXPENSES....WHO MUCH EXPENSES SHE CAN CLAIM IN SUCH CASE...ALSO WHAT CARE I HAVE TO TAKE FOR FILLING HER RETURN....I DONT HAVE EXPERIENCE FOR FILLING SUCH BIG RETURNS....PLZ GIVE UR GUIDENCE....7276993000
EGOURLY WAITING FOR YOUR HELP
EGOURLY WAITING FOR YOUR HELP
24 June 2012
if tds deducted and paid to govt, u have to file return showing the commission amount in full, if not paid show expense in different names, and try to found bills otherwise the purpose of paying such huge commision is if allowed u can pay it .. there is no problem file the itr accordingly
24 June 2012
Sir...TDS is deducted...also i wish to know she dont have any expenses records...in such case how much max. expenses i can show to avoid scutiny since in that case no records will be available to produce to AO.
24 June 2012
Claim estimated and reasonable expenses as 30% or 40%. In absence of books of accounts and vouchers the same will be allowed.
24 June 2012
RESPECTED EXPERT, CAN I USE "IF NO BOOKS OF ACCOUNTS MAINTAINED OPTION" FOR SUCH BIG INCOME OF RS.25 LACKS & SHOW ONLY GR/GP/EXP/NP & ONLY DEBTORS/CREDITORS/STOCK/CASH ONLY...WHETHER IN SUCH CASE PENALTY WILL BE LEVIED...?
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