i have income from brokergae/ commision(approx 2 lac). I recieved form 16A from the main brokerga efirm , for which i work. besides this i have interest income from FD. I dont have any balance sheet or P&L statement. WHICH ITR SHOULD I FILE?
9 Replies
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 17 July 2018
You are required to file ITR 3 and select option of BOA not maintained.
subhashis bag
(Electrical Engg)
(55 Points)
Replied 25 July 2018
what if i file itr 1 and show this as salary , as itr3 there is lot of confusion.
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 25 July 2018
You cannot show it as salary as you have been issued form 16A (other than salary). You can file ITR -1, and show commission (if not working as an agent) and interest under the head of income from other sources.
subhashis bag
(Electrical Engg)
(55 Points)
Replied 25 July 2018
sir, what do u refer as agent? i am a sub broker under angel broking pvt LTD. so am i qualify to file ITR 1 and show the income under other source?
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 25 July 2018
No, if you received brokerage as a broker then it is taxable under head profit and gain from business and profession. You will have to file ITR 3 .
subhashis bag
(Electrical Engg)
(55 Points)
Replied 25 July 2018
but i am working under angel broking , they r taking taking the brokerage from client, from there they r proving me sharing . for that they deducted TDS and issued form 16A. So wat to do?
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 25 July 2018
I would also recommend that if the if the amount of commission is small then fill ITR-1 as ITR 3 is a bit complicated and requires a lot of details. and if the amount of commission is Substantial then go for ITR-3.
If you file ITR 1 show it under head IFOS.
If you file ITR 1 show it under head IFOS.
subhashis bag
(Electrical Engg)
(55 Points)
Replied 25 July 2018
hi sir, commision is 2 lac. and FD interest income is 90000 . whats ur suggestion?
CA Sunil Kumar
(Chartered Accountant)
(4524 Points)
Replied 25 July 2018
Go for ITR 1 as ITR 3 is a bit complicated and requires a lot of details.
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