Please guide ITR


This query is : Resolved 

Quick Summary
This discussion helps an individual determine the correct Income Tax Return (ITR) form to file based on their FY 2023-24 income. Given the nature of income received, including insurance commission, contract receipts, and professional fees, ITR 3 is recommended. The guidance also clarifies that income under TDS sections 194C and 194J should be declared under 'contract business income' and 'professional income' respectively, both falling under the Profit and Gains from Business or Profession (PGBP) schedule.

(Querist)
04 June 2024 I have following income in FY 2023-24. Please guide which ITR to be filled.

TDS-194D 85,410.00 Insurance commission received
TDS-194D 3,806.00 Insurance commission received
TDS-194C 22,300.00 Receipts from contract
TDS-194J 89,200.00 Receipt of fees for professional or technical services
TDS-194H 198.00 Commission or brokerage received (
TDS-194H 147.00 Commission or brokerage received (
2,01,061.00

04 June 2024 File ITR 3.

Manoj (Querist)
04 June 2024 Thank You sir.

It is mandatory for Balance sheet and P&L

04 June 2024 Yes, due to commission & brokerage income i.e for TDS deducted u/s. 194D & 194H IT act.

Manoj (Querist)
12 June 2024 Sir, Please guide where i show 194C and 194J income in ITR 3

12 June 2024 Under contract business income having TDS u/s.194C While that under sec. 194J will go under professional income. Both come under PGBP.


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