Assessee : Delivers milk every day and earns a comission of Rs. 1051/- per day around 32,000/- a month and it comes about Rs 3,90,600/- a year .Now what ITR i should use. He is about to approach for housing loan.
Now what is the procedure.
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Income tax for commision based income
Replies (3)
Assuming that assessee an Individual - ITR 3 applies for FY2017-18 (AY 2018-19)
ITR 3 applies for Individual/HUF having business income.
Commission earners cannot opt for presumptive taxation scheme for filing in ITR 4
Regards,
Siva
Do we need to prepare P&l and Balance Sheet
yes you have to prepare that
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