Salu Manghat (CA STUDENT) (75 Points)
29 October 2018
Hi All,
Can anyone please tell me where to show commission income under IFOS in ITR 3. ?
Thanks in Advance.
Salu M
Komal
(student ca final)
(724 Points)
Replied 29 October 2018
You can show it in "others" in other sources schedule.
Salu Manghat
(CA STUDENT)
(75 Points)
Replied 29 October 2018
But the option of others is only in "incomes to be taxed under special rates" .
Komal
(student ca final)
(724 Points)
Replied 29 October 2018
It depends upon from which source you have got the commission. If you have received commission from any business or profession than you have to show it under the head `profits and gains of business or profession’ and you can claim expenses that you have incurred in the course of earning of commission. If it is a single transaction of casual nature than you can show it under the head `income from other sources’ . Under Section 194 tds is deducted from commission the credit of which you can claim and offset against your final tax liability.
Salu Manghat
(CA STUDENT)
(75 Points)
Replied 29 October 2018
I need it to be classified as other income. But my question is that as per the Latest ITR 3, there is no separate field for Commission income under Sch OS, also the only place where we can specify it by puting it under others" is "income to be taxed under special rates. So im askinhg is thats the only place or is there any other place to declare ??
CAclubindia
