New itr forms
Querist : Anonymous
The New ITR 4 Form is shown as not usable by those having commission income. Is it compulsory to get books audited u/s 44AB only because form ITR 3 is compulsory. The nett profit from the commission business is about 80% of the gross receipt after taking into account expenses like travel, conveyance, phones and internet and after accounting all TDS I also had to pay some advance tax in March.
Going forward is it compulsory to get books audited for commission business even though receipts is less than Rs.50.00 lakhs.per annum.
On reading form ITR 3 it asks whether I am liable to audit u/s 44AB. On reading ITR 4 instructions it says that filling the form is voluntary for those doing specified business or profession but they may choose ITR 3 and get their books audited.
If I wish to subject entire 100% commission for tax can it be taken as income from other sources and fill ITR 2. If yes, what is the limit of receipts?
Querist : Anonymous
In the P&L section is this to be shown under receipts for Services or under the separate heading for Commission (along with other receipts)
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