banner_ad

Itr-3 - brokerage income

937 views 2 replies
I am going to file ITR-3 for F.Y. 2016 - 17 using nature of business code 0402-Estate Agents since I am broker of real estate. What if I file my income tax return where I will write yes in column asking whether liable to maintain books u/s 44AA but in P & L A/c I will write total gross receipt earned and will show gross expenses @ 50%. Is this ok?
Replies (2)
No, you have to choose the option for not maintaining books u/s 44AA. If you do so, you will get notice u/s 139(9) for filling up the P&l and Balance Sheet {Govt. Format}

But as per Income Tax Rule person earning income through brokerage or commission are liable to maintain books u/s 44AA


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details