ITR for brokerage income

Which form shall be used for filling buziness income from commission and brokerage which is less than 2 crs
Replies (6)
Quick Summary
This discussion clarifies which Income Tax Return (ITR) form to use for commission and brokerage income. For income under £2 crore, if it's irregular and small, ITR 1 might suffice under 'income from other sources'. However, if the commission and brokerage income is material and regular, ITR 3 is the appropriate form to declare it as business income. The conversation also touches upon the qualifications needed to start a career as a tax consultant, emphasising knowledge and experience over formal certifications.

What was the qualifications for start business as tax consultant
@ Shubhangi ji

If it's small in Amount, and not regular like it can be come or not in next year's, than you can show it as income from other sources and file ITR 1 .

But, If you have a commission and brokerage Income from your business, which is material and Regular in nature, than you can file ITR 3 and show your Commission and brokerage income as business income.

@ Vaidik Baland ji

To start a business as tax consultant and to grow that, knowledge is more important than any qualifications. Yes, if you want to practice in GST, than after B.com, you can give exam of GST practitioner and same like this there is a tax return Prepare for income tax purposes.
I am a m com graduate and I have experience of one year and more as job then also any certification is required
No, any certification not required...
You can start business of filing return of your clients i.e income tax return, GST return ect..

You can do your job and this both, and once your client base increased with time, you can leave job and do full time your own business.
Thank you
@ sagar applicant is having business income and he is a DSA registered in Nov 2019. Total income on which tds was deducated is 9 lacs. Does he require to make books of accounts

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