Hello forum members,
I am from Hyderabad and in the real estate business. I started the business about 6 months ago and doing pretty well.
My concern is that all of my commission is given to me in cash. I am very much okay to pay taxes on the entire amount, but will my source of funds be questioned. How do I deal with the situation. Looking forward to advise from the forum members.
Thanks
It is advisable to open a Bank A/c in your name and accept your commission in Cheques. But till now as you were receiving the Commission in cash you can show the same as your income after deducting the related expenses and pay tax on the same.
Regards,
Devendra
Hi,
my problem is iam confusing about whether sec.44AD is applicable for the commission earned by an agent for the A.Y. 2012-13.
Income can be shown uner Section 44AD in case of Business of Real Estate as far as turnover does not Rs. 60 Lakhs,
Regards,
Devendra Kulkarni
Thanku.
but my client is an agent in AMWAY INDIA ENTERPRISES PVT. LTD..He is geeting commission from that. In the previous year he was taxed under sec. 44AD. As per the amemdmends commission is not chargeable under sec. 44AD for the A.Y. 2012-13. SO MY question is under which head and sec. his income is taxable.
reply urgent plzz.
CAclubindia
