Dear All,
I have income from Salaries
Income from other sources
MIS Int
PF Int
KVP Int
and also I earn from commsion and brokerage of financial products (around 22K).
Can I fill ITR 4S?
Thanks in advance
Ca Priyanka mehta
(CHARTERED ACCOUNTANT)
(67 Points)
Replied 23 July 2013
yes, you can file ITR 4S..because you have salary income, other source n deemed income u/sec 44AD as commision & financial product income @ 8% chargeblity. so you can file ITR 4S.
Raj
(ac)
(155 Points)
Replied 23 July 2013
Thank you very much for the quick reply Priyanka. I am not sure what is 8% chargeability? I do not have any business niether maintain any books.
Ca Priyanka mehta
(CHARTERED ACCOUNTANT)
(67 Points)
Replied 23 July 2013
it is not required to maintain books & business in sec 44AD business. you have to just calculate your gross reciepts from commision & financial products. n apply 8% tax rate on that reciepts. this is your declared income in 44AD. & you can file ITR 4S with this income.
Raj
(ac)
(155 Points)
Replied 23 July 2013
Wow its really nice Thanks Priyanka.
E1 Gross Turnover or Gross Receipts : I received 22000 as commision after deducting tax so what income should I show as Gross Recipts (22000+TDS)? or only 22000?
E2 Total Presumptive income under 44AD (>=8% of E1) : What is >=8% of E1?
Thanks in advance and sorry for the basic questions :)
Regards
Raj
vasanthkumar
(Consultancy)
(30 Points)
Replied 23 July 2013
Hi Raj,
Sec.44AD specifically states that a person earning income in the nature of Commission or brokerage cannot avail any benefit u/s 44AD.
ITR 4S can be used only if income is computed availing Sec 44 AD. Please check before using ITR 4S.
Vasanth
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 23 July 2013
ITR 4S cant be used in case of commision income .
file itr4.
CA Jainam Shah
(Chartered Accountant)
(190 Points)
Replied 24 July 2013
Use this software and you will never have confusion about choosing ITR
CAclubindia
