Sir, my friend works as a commission and brokerage, I want to know how to show it in ITR 3 in NO ACCOUNT CASE
It also creates an Income Expenditure Account.
Show its income in Business Profession or Other Sources?
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Which commission and brokerage income should be shown in the head
Replies (5)
Hi Pravin,
If you choose income and expenditure account, you have consider it as a business and profession is NA for Brokerage / Commission.
Before you use No Account case, Make "No" to the U/s 44AA then proceed for filing.
Account maintenance is required in commission brokerage income? and Which account should be created for commission brokerage income?
Pravin,
Yes, Books has to maintained for commission (or) Brokerage Income.
Because those who are filing No Account case will getting defective notice.
If you had Income from Commission or Brokerage then You can show Income Under Head Income from Other Source or Income from PGBP by maintaining books of Accounts.
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
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
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
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