Commission Income_ITR 3

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An individual filing ITR 3 for commission income, with gross receipts around £4.4 Lakhs and net profit of £2.35 Lakhs, is seeking clarification. They want to know if a full balance sheet and profit & loss account are necessary, especially if they are not maintaining detailed books of accounts. The advice suggests checking previous years' income; if it hasn't exceeded the threshold for maintaining books, they might be able to declare income under the 'No books of account maintained' section.

Dipen

Dipen (Querist)

18 July 2024 Dear Experts,

For Commission Income ITR 3 is to be filled. Now in this case do we need to fill entire balance sheet and profit and loss if Gross Receipt is 4,40,000 /- (approx) and net profit after expenses is 2,35,000/- (approx)?

If books of accounts are not to be maitained can we fill only limited figures under books not to be maintained for balance sheet and P&L?

Please advice

Regards,

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

18 July 2024 Is this your only income under PGBP? or any other business activity?

Dipen

Dipen (Querist)

18 July 2024 This is the only income under PGBP.

Capital gains and other sources exist

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

18 July 2024 Check the same for earlier three years, if income under PGBP not exceeded BSL, then you can declare the income under 'No books of account maintained.'

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