ITR form for brokage and commission
R.vadivel (Accountant) (143 Points)
21 July 2020which ITR form used for brokage and commission income
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 21 July 2020
CA Mohammed Khalandar
(Practicing Chartered Accountant)
(203 Points)
Replied 21 July 2020
Hi,
You can use ITR-3 for brokerage and commission to show the same as business income. In that case, you can claim the business expenses incurred to earn such brokerage or commission income.
Further, you can not use ITR-4 for brokerage and commission income to claim 44AD Presumptive taxation benefit.
Further, you can show commission income as income from other sources in ITR1 / ITR2.
Thanks
Mohammed Khalandar
Chartered Accountant
7899157078
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 21 July 2020
annu Goyal
(1102 Points)
Replied 21 July 2020