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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

Answer ID : 85255

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