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ITR for brokerage income

Shubhangi Mathur (student) (127 Points)

23 September 2020

Which form shall be used for filling buziness income from commission and brokerage which is less than 2 crs

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Vaidik Valand (8 Points)
Replied 23 September 2020

What was the qualifications for start business as tax consultant

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 24 September 2020

@ 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.

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Vaidik Valand (8 Points)
Replied 24 September 2020

I am a m com graduate and I have experience of one year and more as job then also any certification is required

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 24 September 2020

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.

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Vaidik Valand (8 Points)
Replied 24 September 2020

Thank you

Shubhangi Mathur (student) (127 Points)
Replied 24 September 2020

@ 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