CA Aspirant (Articles) (66 Points)
15 September 2011Total commission received during the year is Rs.166780 as per form 16-A Income from Business Profession calculated on presumptive basis Rs.95000 my question is whether we can deduct some expenses from insurance commission received on Ad-Hoc basis say 30% without maintaining any books of accounts?
CA Anand
(CEO)
(48 Points)
Replied 15 September 2011
Dear Sir,
As total receipt is less than Rs. 150,000/- there is no need to maintain books of account. You may file return as such. You may deduct adhoc amount as expenses and declare net profit of Rs. 95,000/-
CA Aspirant
(Articles)
(66 Points)
Replied 22 September 2011
I am not talking about income from business profession. I am talking about Insurance commission which is to classified under Income from Other sources
CA Aspirant
(Articles)
(66 Points)
Replied 22 September 2011
Income of 95000 is the icome from business other than Insurance Commission
ashish gupta
( student)
(1922 Points)
Replied 22 September 2011
you cannot make adhoc deductions. what you can do is prepare a p&l on estimations and deduct expenses like travelling, telephone, stationery, entertainment etc.
CA Aspirant
(Articles)
(66 Points)
Replied 26 September 2011
@ ashish ok thanks for the suggestion. but in that case while filing it return we dont need to submit p&l account to department na.. we just need to fill up ITR-4 sugam. If department will ask the p&l only then we 'll submit that P&L a/c. Am I rite
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
