COMMISSION AND BROKERAGE INCOME OPT FOR PRESUMPTIVE TAXATION TDS DEDUCT U/S 194H

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raghavendra b (Querist)
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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.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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'.....

raghavendra b

raghavendra b (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

raghavendra b

raghavendra b (Querist)
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28 May 2024 THANK YOU SIR FOR YOUR REPLIES

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 May 2024 You are welcome..

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