Audit Executive (B.Com) (53 Points)
15 August 2020A person having income from salary 300000 and commission of rs. 320000 . IN ITR 4 , Can he show the expenses to earn the commission and reduce his total income and how much expense or he has to show 320000 total commission.
Or any thing else please advice. THANKYOU IN ADVANCE
CA Raj Doshi
(Practising CA)
(8799 Points)
Replied 15 August 2020
Vikas Mahajan
(157 Points)
Replied 15 August 2020
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 16 August 2020
A person earning income from commission/brokerage can not adopt presumptive Taxation scheme.
So, As per above provision, you are not eligible to take benifit of Presumptive Taxation scheme, So,you can't use ITR 4
You can file your return in ITR 3, Showing commision as business income, after Deduction of expenses of your business.
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