Sir
Do we require to maintain Books of Account if income is from commission/brokerage.
As we cannot take benifit of presumptive income by filing ITR 4.
Which ITR can be filed as books of account are not maintained.
Till assessment year 19-20 we have submitted ITR 3 by showing books of account are not maintained and for a.y.20-21
it has been diffactive.
Please suggest what to do.
I think books have to be maintained if the income is >₹2.5 lacs or turnover/receipts is >₹25 lacs.
Itr4 cannot be used in case of commission income. ITR 3 would be the appropriate form.
CAclubindia
