Which ITR to use

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126 Points Posted on 30 November 2020

A person has income from commission wherein TDS is deducted u/s 194 H, receipts below 50 Lakhs, Which ITR to use?

 

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On 30 November 2020 at 16:25 Report
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Quick Summary
If you receive commission income with TDS deducted under Section 194H and your receipts are below £50 lakhs, you generally need to file ITR 3. This is because commission income is not considered presumptive income and requires a complete profit and loss account and balance sheet. Even if your turnover is below £50 lakhs, ITR 4 is not suitable in this scenario. You have the option to file as a 'no books account' case if you prefer.

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Chartered accountant
193 Points Posted on 30 November 2020
ITR 3
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On 30 November 2020 at 16:47
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18 Points Posted on 30 November 2020
ITR 3
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On 30 November 2020 at 16:48
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126 Points Posted on 30 November 2020

RECEIPTS ARE BELOW 50LAKHS, WHY NOT ITR 4 ?

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On 30 November 2020 at 16:50
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Chartered accountant
193 Points Posted on 30 November 2020
ITS 3 is compulsory for those who received commission income
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On 30 November 2020 at 16:52
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18 Points Posted on 30 November 2020
Sir your income is not presumptive..
it should be filled by complete profit and loss a/c & balance sheet
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On 30 November 2020 at 16:52
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Profession
28271 Points Posted on 30 November 2020
What is the turnover?
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On 30 November 2020 at 17:11
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Tax consultant
5895 Points Posted on 01 December 2020
As the person getting commission and brokerage it's compulsory to file ITR 3
and it's depends upon you to disclose the balance sheet or profits and loss oor file as no books Account case
1 Reply
On 01 December 2020 at 12:32

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