Commission received
A.R.JOSHI
(Querist) 11 July 2011
This query is : Resolved
Whether Deposit Mobilisation Commission and Gurantee Commission received from a company by a retired person or individual who does not have any business or profession income, can be assessed as Income from business and Income Tax return can be filed U/s 44AD?Answer required with related sections/CBDTcirculars/notifications/clarifications etc.,
soumitra basu
(Expert) 15 July 2011
Deposit Mobilisation Commission can be disclosed as business income if the person had the business of mobilisation deposit. But guarantee commission should be disclosed as income from other source.