Question ID :
44580
409882
Whether Commission is Business or Profession.
What will be tax audit Limit . any case law in income tax with this regards.
Posted by
SACHIN JAIN
on
Dec 16, 2023
Filed Under
DIRECT TAXES
Business
Posted by
SURAJ KUMAR CHOUDHARY on
Dec 18, 2023
Answer ID :
85256
Business Income Only. 44AB(a) applies.
Posted by
VINAY BHARGAV KUMAR G on
Dec 19, 2023
Answer ID :
85257
Commission income is business income. Inference CIT vs. FX Info Technologies Pvt. Ltd., ITA No. 112/2011 & 113/2011. (Delhi HC). Tax audit limit as per section 44AB(a) is applicable. For details refer circular No.452 dated 17.03.1986.
Posted by
CA. chunauti dholakia on
Dec 21, 2023
Answer ID :
85296
• Commission Agents are Businessman according to Income Tax Act. So, 'Income from Commission' it falls under 'Income from Business' in the computation of tax. Commission agents are not classified as professionals under the Income Tax Act. Instead, they fall into the category of businessmen. Their income earned from commissions is considered business income for tax purposes. CRYSTAL Chemie (P) Ltd vs. Assistant Commissioner of Income Tax:
Posted by
Hari Beldona on
Feb 02, 2024