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

Dipen

Dipen (Querist)
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18 July 2024 This is the only income under PGBP.

Capital gains and other sources exist

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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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