COMMISION INCOME ALONG WITH CONTRACT INCOME


This query is : Resolved 

Quick Summary
This discussion clarifies which Income Tax Return (ITR) form to use when an individual receives both contract income and commission income, with TDS deducted under Sections 194C and 194H. The consensus is that ITR-3 is the correct form. It's also confirmed that tax consultants, not just Chartered Accountants, can file ITR-3, but it requires the preparation and submission of a Profit & Loss account and Balance Sheet.

13 July 2021 One of My Clients Earns Contract Income along with Commission income. He was deducted TDS under both the Sections of 194 H and 194 C. My query is which ITR should i file? whether ITR-4 or ITR-3?
If ITR-3 means, will it be filed only by Chartered Accountant or Tax consultant can file it?. Please Clarify.
Thanking You

13 July 2021 ITR-3. Tax consultants can also file.

13 July 2021 Thanks for your reply mam. Is it necessary to prepare P&L and Balance sheet?

13 July 2021 Yes. One has to prepare and furnish profit and loss account and balance sheet in ITR-3

13 July 2021 Ok thank you very much


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