Which ITR FORM

Hi,

Person earning commission through collection of loan amount. Which ITR form is applicable.

How can his expenses included in filing.

Replies (4)
Quick Summary
This discussion clarifies which Income Tax Return (ITR) form is suitable for individuals earning commission from loan collections. The consensus leans towards ITR 3, as this income is considered business income and doesn't qualify for presumptive taxation schemes like 44AD/44ADA. It's advised to calculate profit by deducting expenses from income and declare it accordingly. Alternatively, if filing under ITR 2 as 'income from other sources', expenses can be claimed under Section 57.

ITR 3 as this is a business income not eligible under section 44AD/44ADA..
Use ITR 3...Work out the profits (income - exp) and offer it for tax purpose

Is there is any problem in filing in ITR 2, in other sources of income. 

It should not be an issue..... In that case u can claim expenses as per section 57

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