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Income Tax Return
If my income is from commission is upto Rs 50 lakh then which ITR should I file
Replies (6)
Quick Summary
ITR 3, Maintain Profit/Loss a/c, Balance Sheet.
Yes, you are required to maintain books of account,(except receipt less than prescribed limit) Prepare Financial statement,and file your return in form ITR 3 as business income.
If I filed it in ITR-1 by showing net income around 5 lakh is this right or wrong should I revise it
If you already shown that in ITR 1 as income from other sources, than there is need to Revised it.
if it's your one time Income, but if it's regular in nature, you will receive commission in next year and thereafter also, than you have to show that as your business income in ITR 3.
So, if it's not regular in nature than, it's ok, otherwise you have to revised.
if it's your one time Income, but if it's regular in nature, you will receive commission in next year and thereafter also, than you have to show that as your business income in ITR 3.
So, if it's not regular in nature than, it's ok, otherwise you have to revised.
It's regular and and return is filled in ITR-1 IN A.Y 2018-19 and in A.Y 2019-20
If income is less than 5,00,000 and you're receiving income in your own name/personal name, not on name of Proprietorship firm, than you can disclose it as other income and file ITR 1.
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