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Income from brokerage under sec 194h from company? which itr (Income Tax)

This query is : Resolved

Author : Anonymous

( Author )
29 June 2012

Hi All,

I have a query if any individual who is not an employee and getting a brokerage income from any company and tds deducted under sec 194h, which ITR form to be filed?

Siddhartha Bhardwaj

( Expert )
29 June 2012

Income from commission is taxable under the head Income from Business or Profession.

Accordingly, you will have to file ITR 4.

Author : Anonymous

( Author )
29 June 2012

Sir,

If any individual who is female and not carrying any business or profession and this is the first transactions occured then also ITR 4 has to be filed.

Thanks

Siddhartha Bhardwaj

( Expert )
29 June 2012

In that case you can show Income from Other Sources.

However, it is preferable to show business income.

Author : Anonymous

( Author )
29 June 2012

Sir,

Do we have to prepare Balance sheet & P&L for Filing ITR 4 if income is Rs.2.5 Lacs and TDS deducted is Rs 25K for female?

Thanks

Siddhartha Bhardwaj

( Expert )
29 June 2012

Since income exceeds Rs. 1,20,000 the assessee is required to maintain books of accounts.

Author : Anonymous

( Author )
29 June 2012

Thank You Sir for advice..