Income from brokerage under sec 194h from company? which itr

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2012 Hi All,

I have a query if any individual who is not an employee and getting a brokerage income from any company and tds deducted under sec 194h, which ITR form to be filed?

29 June 2012 Income from commission is taxable under the head Income from Business or Profession.

Accordingly, you will have to file ITR 4.

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2012 Sir,

If any individual who is female and not carrying any business or profession and this is the first transactions occured then also ITR 4 has to be filed.

Thanks

29 June 2012 In that case you can show Income from Other Sources.

However, it is preferable to show business income.

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 June 2012 Sir,

Do we have to prepare Balance sheet & P&L for Filing ITR 4 if income is Rs.2.5 Lacs and TDS deducted is Rs 25K for female?

Thanks

29 June 2012 Since income exceeds Rs. 1,20,000 the assessee is required to maintain books of accounts.

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Querist : Anonymous

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29 June 2012 Thank You Sir for advice..

29 June 2012 You are welcome. You should use the thanks button to convey your thanks.

13 March 2014 Now you can ask your query in online chat. without paying anything or becoming member.
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17 April 2017 In case Commission Business (received against sale of goods) is the only business and we have to use ITR 3 for AY 2017-18, in nature of business does one has to choose General Commission Agent code. TDS is deducted u/s 194H. In the P&L section, where is the receipt of commission reflected, in recipts from services or under Others (sub heading commission). The word commission is specifically mentioned there even though nature of services is general commission agent?


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