person having commission income u/s 194 h i.e. business income of Rs.1 lacs only so is it ok if i only provide pgbp profit amount in itr & not prepared p/l & b/s of person..?
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Quick Summary
This discussion addresses whether a Profit & Loss statement and Balance Sheet are mandatory when filing an ITR 3 for commission income under Section 194H, amounting to Rs. 1 lakh. While one suggestion is to prepare these financial statements, another option proposed is to declare the commission as 'other sources' income without needing a full P&L.