Presumptive income
sameer dalal (5 Points)
17 September 2020
can commission earned from selling mutual fund scheme be considered under presumptive income and filed accordingly?
5 Replies
prasad Nilugal
(3924 Points)
Replied 17 September 2020
Provisions of Section 44 AD of the Income Tax act not applicable to commission Income .
sameer dalal
(5 Points)
Replied 17 September 2020
Thanks
and what about brokerage income from selling mutual fund?
and what about brokerage income from selling mutual fund?
Rohit Gaur
(47 Points)
Replied 18 September 2020
As commission or brokerage income falls under head other sources, it cannot be covered under 44ad, 44ada or 44ae. these sections apply only on income from profit gain on business and profession.
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