Gross receipt

munish (Querist) 12 September 2012 This query is : Resolved
I AM RUNNING THE BUSINESS OF WESTERN UNION MONEY CHANGER AND RECEIVED COMMISSION OF RS: 315000/-. I HAVE ALSO GETTING PROFIT FROM CURRENCY SALE PURCHASE OF RS: 11000/-. CURRENCY SALE OF RS: 730000/- PURCHASE OF RS: 719000/-.
NOW MY QUESTION IS THAT WHAT IS MY GROSS RECEIPT ? SHOULD I LIABLE TO DECLARE MY INCOME 315000 + 730000 = 1045000/- * 8% = 83600/- OR 730000 * 8% = 58400 + 315000 = 373400/- ?

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