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Suitable ITR for Commission or Brokerage Income

03 May 2018

Hello All, one of my friend have Income from Brokerage & Commission, which ITR form to use. He does not maintaining any books Plz suggest.

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5 Replies

Krishna Parshuram Puria (51 Points)
Replied 03 May 2018

ITR 2

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manoj (student) (5205 Points)
Replied 03 May 2018

ITR 3 ONLY

Deepika Yadav (561 Points)
Replied 03 May 2018

If income of brokerage or commission earned through any business then ITR 3 will be filled.
But if brokerage or commissions earned through any other source then ITR 2 will be filed.

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 03 May 2018

ITR 3 is suitable for Your query...

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 21 July 2020

If the income from brokerage 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 ITR1/2 shall be most suitable.

However, if the income from brokerage is going to be substantial, every year and year after year, then such income shall fall under income from business and Profession and ITR3 shall be suitable.