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Suitable ITR for Commission or Brokerage Income
Hello All, one of my friend have Income from Brokerage & Commission, which ITR form to use. He does not maintaining any books Plz suggest.
Replies (5)
ITR 2
ITR 3 ONLY
If income of brokerage or commission earned through any business then ITR 3 will be filled.
But if brokerage or commissions earned through any other source then ITR 2 will be filed.
But if brokerage or commissions earned through any other source then ITR 2 will be filed.
ITR 3 is suitable for Your query...
If the income from brokerage is one time and/or casual in nature (some time it may be there and some time it may not be there) then it needs to be considered as income from other sources and ITR1/2 shall be most suitable.
However, if the income from brokerage is going to be substantial, every year and year after year, then such income shall fall under income from business and Profession and ITR3 shall be suitable.
However, if the income from brokerage is going to be substantial, every year and year after year, then such income shall fall under income from business and Profession and ITR3 shall be suitable.
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