Which ITR FORM

MALLIKA P (Business) (28 Points)

29 June 2020

Hi,

Person earning commission through collection of loan amount. Which ITR form is applicable.

How can his expenses included in filing.

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CA ABHAY GUPTA (Practice) (3235 Points)
Replied 29 June 2020

ITR 3 as this is a business income not eligible under section 44AD/44ADA..

Bhavin Shah (Chartered Accountant) (821 Points)
Replied 29 June 2020

Use ITR 3...Work out the profits (income - exp) and offer it for tax purpose

MALLIKA P (Business) (28 Points)
Replied 29 June 2020

Is there is any problem in filing in ITR 2, in other sources of income.

Bhavin Shah (Chartered Accountant) (821 Points)
Replied 29 June 2020

It should not be an issue..... In that case u can claim expenses as per section 57

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