k.kartheek (B.Com) (30 Points)
10 October 2018Dear Sir/madam,
i have doubt one of my friend having brokerage income of Rs 100000/- along with that he is doing works contract business,he is having confusion that weather that brokerage amount will be possible to show in that particular business if so in what way he will show that income.is it right way to show that income under the head "INCOME FROM OTHER SOURCES", please suggest the better
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178301 Points)
Replied 10 October 2018
There is fine difference between regular business and occasional opportunity...
Vineeth Ajith
(Final Student)
(61 Points)
Replied 10 October 2018
Dear Kartheek,
First of all please ascertain whether the brokerage income is earned as a part of his regular business/profession. If so, it shall be included in his Income and Expenditure A/C. It will be so in most cases.
If the income is irrelevant in his professional scenario and non recurring in nature, there is no problem in showing the same as IFOS. You got to do the needful wrt the nature of income.
Regards
k.kartheek
(B.Com)
(30 Points)
Replied 27 October 2018
it did not arrived from regular business, so can i show it as IFOS?
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 21 July 2020
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