Itr3

ITR 222 views 6 replies

Scott

Not Applicable

48 Points Joined July 2009

A regular salaried person received a one time payment from a builder for referring customer in FY 17-18. He needs to resubmit ITR3.

If there is a single transaction from receipt of builder for 1.5 Lacs shown as income, is he liable to maintain accounts under 44AA?. If no accounts are required then the filing is simple since he can fill Item 6 under BS with zero (6a to 6d) and Item 53 for P&L with receipt & profit filled with payment received. However if accounts are to be maintained as per 44AA what else to fill in BS and P&L section since there is only one single transaction/receipt from referring customer and no creditor/debtors, expenses, closing/opening stock, etc etc.

What code to select for nature of business - 0301- general commission agents or anything else ?

Thank you.

Replies (6)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208062 Points Joined July 2016

Under which section, builder deducted TDS?

Scott

Not Applicable

48 Points Joined July 2009

Builder deducted under section 194H. Thank you.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208062 Points Joined July 2016

That is commission income, which you cannot declare under item 6 of BS & 53 of P&L acc sheet of ITR3.

You are required to declare it under normal scheme. i.e. fill applicable details of P&L acc. & BS details.

Scott

Not Applicable

48 Points Joined July 2009

Thank you for clarification Sir.

Can you please suggest what to select for nature of business - 0301- general commission agents or anything else ? He used 21008-Other services n.e.c earlier, but return marked defective for not filing BS and P&L (error code 310). Does business code require a change or can he leave it as 21008 since he already filed once ?

Since this is not regular business for filer (he is salaried employee) and only one time income, in Balance Sheet can Source of Funds, Application of Funds, Cash balance be filled as zeros since there was no investment, expenses, debtors or creditors.

In P&L whether to include income under Revenue from Operations(sale of services/others revenues) or other income (2.ii - Commission income).

Thank you again.