Respected members,i don't know what should i do ?? pls help!

There are very few registered brokers, and most of the deals, big or small, are done through unregistered brokers. At times, the party will give cheque as brokerage to the broker for which he will have to disclose it in his ITR.

I don't think that an unregistered broker cannot show brokerage income in his ITR. Besides, proper TDS has been deducted from the brokerage, which is a good thing. And the broker too will pay necessary tax on this amount.

I suggest that show the actual income under the head income from business/profession in your ITR, get the books of accounts audited, pay necessary tax on the above, and wait for the real estate regulation bill which makes it compulsory for brokers to be registered.

Wait for more replies.

I am compltly agree wth Mr.Mihir.

Respected Members,,

                                  Thanks for your reply, but as far as Mr Mihir's reply is concern , i am reallyyyyyyyyyyyyyyyy  disappointed bcoz i find out a huge amount of defficiency ..

1) As Whatever Mr. Mihir told earlier that " There are very few registered brokers, and most of the deals, big or small, are done through unregistered brokers ..etc etc ....."

that was complelety Ridiculous & Unconstitutional also bcoz, as far as Indian History is concern, i don't think that ANY GOVT ( CENTRAL/ STATE LEVEL ) has been issued any kind of BROKERAGE LICENSE REGARDING SALE/PURCHASE OF LAND ( MIND IT ,, I AM ONLY SAYING ABOUT  ' LAND ' NOT OTHERWISE ).

2) If a broker show his income as " brokerage through sale of land " then in that case, after submission of return , after 1 year , at any time ITO or Asseessing officer can  ask for a license through which brokerage income accrued. ( so, in fact my client has no license ).

3)  I am really surprised that there is no question of 44AB " TO GET BOOKS OF A/C AUDITED " as 1 ) turnover/gross receipts -- less than 1 cr 2) Failure of which penal provision would attract of 1.5 lacs / 0.5 % of turnover -- which ever is lower .

That's why i would like to say to the members over here that,

please go through my query first , then after u can give your opinion with legal provisions & plssssssssss justify with reasons  ..

Thanks...

I may have assumed about the need for audit because your client is into a profession not business and so the audit limit is not 1 crore but much less, and maybe he must have earned enough throughout the year that could cross that limit.

About your "ridiculous and unconstitional" remark, I welcome it. I said about the licence because of your own statement, "As my client has no legal licence as a land broker, its quite impossible to show brokerage/commission income earned".

You are right. Maybe I should be have read your query properly and refrain from even replying.

Thanks
 

Mr Palash,

you should respect the CA club members for taking their valuable time to reply to your queries and not term their valuable opinions as ridiculous and unconstitional...esp afteryou say"plsss help me"

quite disappointing :(

 

Ms. Madhavi Pandit,,

                                First of all , i would like to say that ,, " You have done a great mistake, so, in future ,, Pls, Don't repeat  that "

bcoz,

1) Really,, I have no intention to underestimate anyone bcoz i don't have enough time to do that, & only intention is to solve  the query as early  as possible with legal provisions only ( not otherwise ) .

2) One thing u must remember that, whenever you are answering any practical query regarding Chartered Profession , --> Personal thinkings,, Personal commitments ,, Personal views are completely Unconstitutional & i think you also fully aware of this matter.

bcoz,

" RULES ARE RULES -- NO ONE CAN DENY THIS ,, NO ONE CAN CHANGE THIS,, & WE HAVE TO RESPECT IT AT ANY COST AND UNDER ANY CIRCUMSTANCES "..

Thanks..

Ok I will not repeat this "great mistake". thanks fr the advice!

Respected Members,,

                                Thanks to all of you for your valuable contribution in reply of my above query , and i am really grateful to all of you ,  

and i really appreciate to that particular respected female member over here for her aggresive positive approach & i like that,, any way..

Thanks a lott..