A person having income from salary 300000 and commission of rs. 320000 . IN ITR 4 , Can he show the expenses to earn the commission and reduce his total income and how much expense or he has to show 320000 total commission.
Or any thing else please advice. THANKYOU IN ADVANCE
A person earning income from commission/brokerage can not adopt presumptive Taxation scheme.
So, As per above provision, you are not eligible to take benifit of Presumptive Taxation scheme, So,you can't use ITR 4
You can file your return in ITR 3, Showing commision as business income, after Deduction of expenses of your business.
ADY & CO.
New Delhi
Graduate (Any)
View Details
AJAY SINGH AND CO LLP
Thane
CA Final
View Details
CCI
Pro
CAclubindia
