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ITR FILING- 4 heads of income

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Anish Verma

42 Points Posted on 27 June 2024

A person having business in the form of commission earning about 5 lakhs a year. He has also income from salary, Income from other sources, Income from capital gain.

He doesn't maintain books of accounts since he is not liable to do so.

As commission income is not covered in presumptive basis and given the fact that the assessee don't maintain books of accounts, how can he report his business income in ITR 3?

Replies (2)

Quick Summary

This discussion addresses how an individual with commission income of £5 lakhs, along with salary, other sources, and capital gains income, can file their Income Tax Return (ITR) using ITR 3. The core issue is reporting business income when books of accounts are not maintained, as the commission income doesn't fall under presumptive taxation. The query clarifies the applicability of Section 44AA regarding the mandatory maintenance of books of accounts based on income thresholds.

prasad Nilugal

GST Practitioner & Accounts

8998 Points Posted on 28 June 2024

As per section 44 AA of the income tax Act , if your income as individual exceeds 2.50 lacs rupees or sales turnover exceeds 25 lacs from the business, it is mandatory to maintain books of accounts. please refer section 44 AA of the income tax Act and confirm.