INCOME FOR WORKING AS AN AGENT FOR AN NRI.
Dear All,
One iof my clients has been working for his NRI brother in law on commission basis and has been recieving his proceeds in foreign currency in his bank account. Now, he has never mantained any sort of accounting for this purpose but has all the details of receipts and payments in his bank statement and passbook. He wants to pay all his dues to the tax department and file returns till date and continue doing so in the future.
My query is, do I need to make his accounting records first before making the tax calculations and filing his returns thereafter. Moreover, under which head shall I disclose his income- Salary or Business??...He has also taken a loan of Rs. 1 lacs for house repairs and maintenance, will that amount be allowed as a deduction- If yes, what are the limits for it?
Please friends help me finalizing his returns at the earliest date for FY 2015-16 as well as 2016-17.
CAclubindia
