Itr related
lokesh upadhyay (18 Points)
22 August 2020
i have 300000 commission income , which one can i file itr-1 or itr-3,
6 Replies
SANYAM JAIN
(32 Points)
Replied 22 August 2020
If it is your income from other sources then ITR 1, if business then ITR 3.
GNYANA UPANISHAD
(156 Points)
Replied 22 August 2020
In my opinion Itr 1 can be filed if an assessee has
GTI <50lakhs, Inc from salarires, one house property, income from other sources( exept remuneration to directors and Inc from unlisted shares). since assesee has only ifos and that too less than 50 lakhs .... I prefer filing itr 1
GTI <50lakhs, Inc from salarires, one house property, income from other sources( exept remuneration to directors and Inc from unlisted shares). since assesee has only ifos and that too less than 50 lakhs .... I prefer filing itr 1
Chhatra Singh Dugar
(1464 Points)
Replied 22 August 2020
If earning of commission is regular basis it would be trated income from business or profession. Otherwise in case of occassinal receipt of commission it would be treated as Income from other sources. So in 1st case you will have to file itr 3 and in 2nd case itr 1 will do.
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 23 August 2020
In your case, if the Income from commission 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 you can file Form ITR 1 for same
However, if the income from commission is going to be substantial, every year and year after year, if it's regular in nature, like this year and thereafter if every year you will going to receive this income, than such income shall fall under income from business. And you can file return ITR 3 for same
However, if the income from commission is going to be substantial, every year and year after year, if it's regular in nature, like this year and thereafter if every year you will going to receive this income, than such income shall fall under income from business. And you can file return ITR 3 for same
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