Income tax return to be filed.

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This discussion focuses on filing an income tax return for an individual with multiple income sources including interest, LIC commission, short-term capital gains, intraday trading, and a xerox/typing business. Key questions revolve around classifying LIC commission as business income or income from other sources, and determining the correct Income Tax Return (ITR) form (ITR 3 or ITR 4) based on income types and whether books of accounts are maintained. The user also seeks guidance on selecting appropriate business codes for commission and xerox services.

K.G.Shah

K.G.Shah (Querist)

19 July 2022 Hello Sir,
Mr X is having income from
1 . Interest on Deposit. 2.00
2. Commission from LIC. 0.25
3. Income short term gain 1.00
4. Income from Intraday 0.25
5. Income from LT Gain ( exempt)
6. Income from Zerox/ typing. 2.50
Total 6.00

My question is
1) Income from LIC commission is business income or income from other sources ...?

2) for Income from business / Zerox . and Intra day profit
. Can I show in ITR 4 ( u/s 44 AD) or ITR 3 ?
No books maintained for Zerox business.

3 ) 2 years back ITR 3 filed .

So i have to file ITR 3 or ITR 4 ?
Please guide for this and for lic commission where to be clubbed .

Thanx for reply .one my small query is while filing return WHICH BUSINESS CODE TO BE SELECTED ....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

19 July 2022 1 Business income.
2 yes, file ITR 3.
3 No problem.

K.G.Shah

K.G.Shah (Querist)

20 July 2022 Thanx Sir for quick reply .
One small query is while filing return which business code to be selected ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

20 July 2022 Use 09005 - General commission

K.G.Shah

K.G.Shah (Querist)

20 July 2022 Thanx sir for reply . I would like to state that assessee has income from following
Income from Zerox business
Income from LIC comission
Intra day .
Then code for commission 09005 is proper one ? . Or some other to be selected.

CA Puja Sharma

CA Puja Sharma (Expert)

20 July 2022 Also add 1 more code for 21008 for xerox business which falls under Other Services.

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