COMMISSION AND BROKERAGE INCOME OPT FOR PRESUMPTIVE TAXATION TDS DEDUCT U/S 194H
This query is : Resolved
26 May 2024
DEAR SIR,
TDS DEDUCTED U/S 194H CAN WE OPT FOR PRESUMPTIVE TAXATION DECLARED 8% OF PROFIT BOOKS OF NOT MAINTAINED CASES OR TO BE FILED ITR 3 AS BUSINESS INCOME TURNOVER BELOW EXCEEDS RS. 10 LAKHS BOOKS OF MAINTAINED U/S 44AA.
THANK YOU
TDS DEDUCTED U/S 194H CAN WE OPT FOR PRESUMPTIVE TAXATION DECLARED 8% OF PROFIT BOOKS OF NOT MAINTAINED CASES OR TO BE FILED ITR 3 AS BUSINESS INCOME TURNOVER BELOW EXCEEDS RS. 10 LAKHS BOOKS OF MAINTAINED U/S 44AA.
THANK YOU
26 May 2024
Not eligible to declare the commission income u/s. 44AD IT act.
Books of account may not be maintained if conditions u/s. 44AA(2)(i) is satisfied.
The word Rs. '10 lakhs' is replaces with Rs. '25 lakhs'.....
Books of account may not be maintained if conditions u/s. 44AA(2)(i) is satisfied.
The word Rs. '10 lakhs' is replaces with Rs. '25 lakhs'.....
26 May 2024
THANK YOU SIR,
IF THE PERSON DOING COMMISSION OR BROKERAGE BUSINESS CAN NOT OPT FOR PRESUMPTIVE TAXATION IF TOTAL INCOME EXCEEDS 150000/- PREVIOUS YEAR OR BUSINESS RECEIPTS EXCEEDS RS. 10 LAKH PREVIOUS YEAR. THEY SHOULD MAINTAIN BOOKS OF ACCOUNT AS PER RULE 6F.
BECAUSE OF SIR, IN THE POST OFFICE A RETIRED SALARY EMPLOYEE DEPOSITED HIS RETIRED AMOUNT IN SENIOUR CITIZEN BENEFICIARY SCHEME BUT WHILE THEY DEDUCTING TDS U/S 194H INSTEAD OF U/S 194A. SO WRONGLY SELECTED BUSINESS HEAD WHILE DEDUCTING THE TDS. TDS AMOUNT DEDUCTED DEPOSITED U/S 194H IN THE FORM 26AS SHOWING TDS DEDUCTED U/S 194H BUSINESS RECEIPTS RS 130500/-. IN THIS SITUATION SHOULD WE FILE ITR 1 OR ITR 3.
THANK YOU
IF THE PERSON DOING COMMISSION OR BROKERAGE BUSINESS CAN NOT OPT FOR PRESUMPTIVE TAXATION IF TOTAL INCOME EXCEEDS 150000/- PREVIOUS YEAR OR BUSINESS RECEIPTS EXCEEDS RS. 10 LAKH PREVIOUS YEAR. THEY SHOULD MAINTAIN BOOKS OF ACCOUNT AS PER RULE 6F.
BECAUSE OF SIR, IN THE POST OFFICE A RETIRED SALARY EMPLOYEE DEPOSITED HIS RETIRED AMOUNT IN SENIOUR CITIZEN BENEFICIARY SCHEME BUT WHILE THEY DEDUCTING TDS U/S 194H INSTEAD OF U/S 194A. SO WRONGLY SELECTED BUSINESS HEAD WHILE DEDUCTING THE TDS. TDS AMOUNT DEDUCTED DEPOSITED U/S 194H IN THE FORM 26AS SHOWING TDS DEDUCTED U/S 194H BUSINESS RECEIPTS RS 130500/-. IN THIS SITUATION SHOULD WE FILE ITR 1 OR ITR 3.
THANK YOU
26 May 2024
The limits have changed to Rs. 2.50L & 25 lakhs. As such he can declare income under 'No account case' in ITR 3.
28 May 2024
THANK YOU SIR FOR YOUR REPLIES
28 May 2024
You are welcome..
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