Itr-4

This query is : Resolved

VIKRAM SINGH (Querist)
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14 August 2015 I AM AN INDIVIDUAL HAVING INCOME FROM COMMISSION ON SALE OF MACHINES(BELOW 5 LACS) FROM A PVT. LTD. COMPANY,NO BOOKS OF ACCOUNT MAINTAINED. SO I HAVE TO FILE ITR-4,IN ITR-4, WHERE I HAVE TO FILL COMMISSION AMOUNT. PLEASE HELP.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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14 August 2015 You can File in ITR-2 showing this as other source income and claim expenses u/s 57.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 August 2015 You have rightly chosen the form ITR 4. Go to P&L and then go to other income and fill the amount in commission.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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14 August 2015 Seems the view of Seetharamn Ji is correct.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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17 August 2015 The suggestion was based on the data provided as there is no books of accounts has been maintained.
I would still suggest to have ITR-2.

VIKRAM SINGH

VIKRAM SINGH (Querist)
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17 August 2015 can i claim expenses against that income,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 August 2015 Mr. Ayush Agrawal You have to go a long way. For non maintenance of accounts business income will not become other income.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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19 August 2015 If Commission income You want to Show As other income Then fill up ITR-2.
In case of Commission Income Treated as Business Income Then Fill up ITR-4 Both Options Available.

I do agree with both the option, although in case of FX INFO TECHNOLOGIES PVT. LTD., it was held as Business Income, but there are other cases where it held as other income too.

@Vikram Singh- Yes You can claim expenses under other source u/s 57.