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Commission Received from Network Marketing co

R. Debnath (Internship) (27 Points)

07 October 2021

What will be the business code , some one received commission from Network Marketing company Rs 1100000 . In Itr3 , which business code should I select?

He has also distributorship Store.

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10 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167162 Points)
Replied 07 October 2021

"09005' for commission agent...

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R. Debnath (Internship) (27 Points)
Replied 07 October 2021

And sir what about Distributorship Store for same company.

R. Debnath (Internship) (27 Points)
Replied 07 October 2021

Is there any rules for percentage of net profit to Gross commission received.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (167162 Points)
Replied 07 October 2021

The Distribution store is in line with commission, so no separate code.

For commission income, no fixed rule of profit margin.

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R. Debnath (Internship) (27 Points)
Replied 07 October 2021

This particular case tds deducted Rs 40000. Can I show net profit below 50 percent of Gross commission

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R. Debnath (Internship) (27 Points)
Replied 07 October 2021

If I prepared Trading Account then Gross profit would be zero because commission receive shown on Profit and Loss ac ,so should I prepare Trading account or go witn PL account.