U/s section 194R


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This discussion addresses the correct placement of business income received under Section 194R within the ITR 3 form. The advice provided is to declare this amount under the head 'Profits and Gains from Business or Profession' (PGBP). Furthermore, the benefit amount received should be reflected in the Profit and Loss account.

04 June 2023 Persons having income from salary (Rs.2122420/-), interest income (Rs.651230), capital gain (Rs. 30520) as well as professional income (Rs.483320/-) for the current assessment year 2023-24. As per Form 26AS, he has received a business income/receipts of Rs 8640/- u/s 194R. Where to show the said income u/s194R in ITR 3? Can be said income u/s 94R be shown in income from other sources? Your valuable direction is highly solicited. Regards, Tarak Kumar Roy, West Bengal.

04 June 2023 PLEASE SEND YOUR VALUABLE DIRECTION AS USUAL. Regards, Tarak Kumar Roy, West Bengal

04 June 2023 It should be declared under head PGBP, the amount of benefit of Rs. 86,400/- should reflect in Profit & loss account.


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