Income from brokerage under sec 194h from company? which itr

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Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 Hi All,

I have a query if any individual who is not an employee and getting a brokerage income from any company and tds deducted under sec 194h, which ITR form to be filed?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 June 2012 Income from commission is taxable under the head Income from Business or Profession.

Accordingly, you will have to file ITR 4.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 Sir,

If any individual who is female and not carrying any business or profession and this is the first transactions occured then also ITR 4 has to be filed.

Thanks

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 June 2012 In that case you can show Income from Other Sources.

However, it is preferable to show business income.

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 Sir,

Do we have to prepare Balance sheet & P&L for Filing ITR 4 if income is Rs.2.5 Lacs and TDS deducted is Rs 25K for female?

Thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 June 2012 Since income exceeds Rs. 1,20,000 the assessee is required to maintain books of accounts.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2012 Thank You Sir for advice..

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 June 2012 You are welcome. You should use the thanks button to convey your thanks.

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Sunil

Sunil (Expert)
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17 April 2017 In case Commission Business (received against sale of goods) is the only business and we have to use ITR 3 for AY 2017-18, in nature of business does one has to choose General Commission Agent code. TDS is deducted u/s 194H. In the P&L section, where is the receipt of commission reflected, in recipts from services or under Others (sub heading commission). The word commission is specifically mentioned there even though nature of services is general commission agent?