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Income from salary,capital gains and business(presumptive) which ITR to file?

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KALPESH JOSHI

190 Points Posted on 15 March 2022

I have income from salary and capital gains. also received amazon affiliate income which is only 1500 rs. which ITR i need to file? Is it ITR-2 because my main source of income is from salary,CG and affiliate income can be clubbed into income from other sources or i need to file ITR 3 ? if i file ITR3 then can i opt for presumptive taxation benefit? and am i allowed for exemption us 54ec and 54f for capital gains too?

please reply thanks

Replies (11)

Quick Summary

This discussion helps clarify which Income Tax Return (ITR) form to file when you have income from salary, capital gains, and a small amount of presumptive business income (like Amazon affiliate earnings). The advice leans towards ITR-2 if the business income is minor and can be reported under 'Income from Other Sources', or ITR-3 if it's considered business income. It also touches upon eligibility for capital gains exemptions under sections 54EC and 54F, depending on the specifics of your transactions.

Eswar Reddy S

CFO- at NHTF

15022 Points Posted on 15 March 2022

You may use ITR-3 or ITR-4

KALPESH JOSHI

190 Points Posted on 15 March 2022

ITR4 does not include capital gains and income from salary.

sabyasachi mukherjee

Profession

19978 Points Posted on 16 March 2022

What is the major source from which you earn income?
what is your gross to tal income?

CA Puja Sharma

Chartered Accountant

3528 Points Posted on 16 March 2022

You can use ITR 2 and report the affiliate income of Rs. 1500 under other sources because it is a very small amount.

KALPESH JOSHI

190 Points Posted on 16 March 2022

Is it allowed in the eyes of itr law?

sabyasachi mukherjee

Profession

19978 Points Posted on 16 March 2022

Itr 3 is best suited.

KALPESH JOSHI

190 Points Posted on 16 March 2022

Originally posted by : CA Puja Sharma
	You can use ITR 2 and report the affiliate income of Rs. 1500 under other sources because it is a very small amount.

Is it allowed in eyes of itr act?

shreya vora

61 Points Posted on 16 March 2022

ITR 2 (IF no PGBP)
ITR 3 (IF PGBP)

in case of CG
u can claim 54EC only if u have trfd any LTCA being immovable property and purchased/invested in Notified bonds within 6 months from trf.

u can claim ded u/s 54F only if u have trfd LTCA (not Res. House) and purchased Residential House within prescribed time limit.

hence exemption under CG depends on the type of transaction.

KALPESH JOSHI

190 Points Posted on 16 March 2022

all conditions satisfied. May i know what is PGBP

Originally posted by : shreya vora
	ITR 2 (IF no PGBP) ITR 3 (IF PGBP) in case of CG u can claim 54EC only if u have trfd any LTCA being immovable property and purchased/invested in Notified bonds within 6 months from trf. u can claim ded u/s 54F only if u have trfd LTCA (not Res. House) and purchased Residential House within prescribed time limit. hence exemption under CG depends on the type of transaction.

shreya vora

61 Points Posted on 17 March 2022

PGBP (profits and gains from business or profession) : in simplified terms Business income

and in your case I think you can show 1500 rs. as IFOS
coz as u said its not your main business or main source of income. (It''s my view)

n if show it as IFOS
then ITR 2 is best suited.