Two categories of income

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abhimanyu (Querist)

15 July 2018 X has two sources of Income

1. He is a Professional and earns Professional Income.
2. He earns brokerage Income, which is very snall.

X wants to opt Presumptive scheme but cannot file ITR 4S due to brokerage income.

Brokerage income amount as stated above,, is very small as compared to his Professional income.

QUERY

Can X file ITR 3 by showing his professional income under Presumptive Scheme in Section 44ADA and showing WHOLE AMOUNT of small brokerage ( THAT IS without claiming any expenses incurred in earning the brokerage) as INCOME FROM OTHER SOURCES.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

15 July 2018 ITR 4 can be used if brokerage is declared under IFOS

abhimanyu

abhimanyu (Querist)

15 July 2018 Sir thanks very much. but the basic query is to know that if the brokerage is small as compared to main professional income, can brokerage amount be shown in income from other sources.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

15 July 2018 Being small, can be presumed that IFOS assuming transaction is occurring often.

abhimanyu

abhimanyu (Querist)

16 July 2018 THANKS VERY MUCH SIR

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