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Business correspondent agent itr

06 July 2022

do we need to maintain accounts for commission income earned by business correspondent agents?
how to proceed with filing itr of such assessees?

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9 Replies

bhunesh (Article) (36 Points)
Replied 06 July 2022

Yes Commission received from the bank is taxable and separate account may be prepared for that

2 Like

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CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 06 July 2022

Need details of commission income only to file ITR

1 Like

Bhavika Tourani (156 Points)
Replied 07 July 2022

Is there any limit above which we need to maintain books of accounts?
or even small amount of commission also require books of accounts to be maintained?

1 Like

CA Puja Sharma (Chartered Accountant) (4969 Points)
Replied 07 July 2022

If the income exceeds Rs.2,50,000 or turnover exceeds Rs. 25,00,000 then books of accounts are mandatory for commission agents(individual + HUF) u/s 44AA.

1 Like

Bhavika Tourani (156 Points)
Replied 07 July 2022

Is it including 44ad income .....or only commission income limit?

1 Like

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CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 08 July 2022

Including 44AD income

Bhavika Tourani (156 Points)
Replied 08 July 2022

Thank u everyone for helping me 😊😊

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86308 Points)
Replied 10 July 2022

Welcome Dear....

1 Like

shubham agarwal (Article Clerk) (22 Points)
Replied 29 December 2022

What will be the turnover for a Banking Correspondent. Only the commission received or the total work done as BC which may run into crores whereas the commission comes only few lacs.

Urgent