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Form 16 not given by employer?

Form 16 for salary and 16 A for commission?

  • I am employed and fall in the 30% tax bracket. Another company needed a me to to a Third party transfer and paid me a commission of 10L after TDS and also collected it back. They have given me a form 16A. I have a form 16 from my employer. Do I need to add the commission received to my taxable income? Can I show expenses on commission received?

  • Answer:

    Your employer and the company that paid you commission would have submitted the details of the income given to you and the tax deducted and paid by them on your behalf, to the Income tax department. Commission earned by you is no doubt a taxable income and therefore should be added to your total income. Of course, you can deduct whatever expenses you have incurred to earn the commission. Accountancyhelp.com

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Yes, you have to include the commission received in your total income and pay tax accordingly. Since the commission received is 10 lacs, you will naturally come under the surcharge category (total income exceeding Rs. 10 lacs). If you have incurred any expenses on commission so received, yes, you can show it as your expenses and only net commission need be added to your taxable income. You may have to produce proof of commission received and expenses on commission to the Assessing Incometax Officer.

subasu

Yes, on your tax return, you will include your income from commission. It can be treated as income from business or profession. You can deduct related expenses. You must file Form ITR-4. For information on your India Income Tax return and to download the forms, go to http://mytaxes.in/index.php?topic=32.0. If you want to file online from income tax India site, read http://mytaxes.in/index.php?topic=94.0

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