Commission income in itr

This query is : Resolved

LAXMI SHAKYA (Querist)
Follow

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)
Follow

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.

Message likes : 1 times

LAXMI SHAKYA

LAXMI SHAKYA (Querist)
Follow

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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

30 December 2021 1. Better option is to declare it u/h. IFOS.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok