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Income Tax Return Filing- Milk
My father collects milk in my village. He gets commission of Rs.1 per litre collected, once in a month. Also for every 15 days Milk Dairy will credit the milk amount to my Dad's Bank account. And he will give that money to the respective farmers based on the Fortnight bill generated. During the Previous year 2020-21 cash withdrawals of milk bills were exceeded Rs. 20 lakhs and Bank had deducted TDS u/s 194N. Milk Dairy also deducted TDS (negligible amount) u/s 194c on the commission amount.TOTAL COMMISSION received during the previous year was Rs.150,000 approx. How to show these transactions in ITR. Please help. Thanks in advance
Replies (3)
File itr 3
Show receipts and profits under no accounts caae
Commission agent can't file ITR 4. he should go with ITR 3. you can show 1.5 Lakhs as business income. put milk revenue under revenue side and milk purchase payments under purchases side and claim other business expenses under expenses under ITR 3. and if there is no other incomes and total income is below 5Lakhs then you can claim TDS deducted by milk dairy and banker as refund.
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