Commission income in itr

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This discussion clarifies how to declare commission income in an individual's Income Tax Return (ITR), especially when they also have salary income. For minor commission amounts (like £22,000), it's recommended to declare it under 'Income from Other Sources' (IFOS) rather than filing a Profit & Loss statement. The thread also touches upon how to report consolidated share trading losses, advising that individual trade details are necessary for the ITR.

LAXMI SHAKYA

LAXMI SHAKYA (Querist)
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30 December 2021 Dear Sir,
Pls clarify the following issues....

1) An individual having salary income, also have Commission income TDs thereon deducted 194H, should I show commission income as IFOS or to file p/l and balance sheet.

2) an individual having STGL shere loss in future & option trading, his broker has given consolidated loss figure, how to show this consolidated loss, whereas ITR compulsory to fill sale & purchase date, value also.

Pls clarify.. .

Thanks
ASAP

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 December 2021 1. Depends upon quantum of commission received. If not major source of income, it can be declared u/h. IFOS.
2. You need to calculate turnover from each trades. Based on turnover, you can decide the nature of income.

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LAXMI SHAKYA

LAXMI SHAKYA (Querist)
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30 December 2021 Sir! Commission is in minor nature only 22000/-
Can we declared it as No account case.....

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 December 2021 1. Better option is to declare it u/h. IFOS.

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