Can income from brokerage and commission be reported under section 44ADA of presumptive income scheme?
4 Replies
saud ahmed
(Student CA IPC / IPCC)
(270 Points)
Replied 12 June 2019
no, commission income not eligible for presumptive taxation
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 12 June 2019
no, you are required to prepare BS P&L ...you can opt for preasumptive taxation scheme
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 21 July 2020
If the income from brokerage is one time and/or casual in nature (some time it may be there and some time it may not be there) then it needs to be considered as income from other sources and ITR1/2 shall be most suitable.
However, if the income from brokerage is going to be substantial, every year and year after year, then such income shall fall under income from business and Profession and ITR3/4 shall be suitable.
However, if the income from brokerage is going to be substantial, every year and year after year, then such income shall fall under income from business and Profession and ITR3/4 shall be suitable.
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