Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2012 I have Gross Total Income before Deduction of Rs.259,450/-(AY:2012-13) which includes Rs.130,000/- as Commission Income and Deduction of Rs.60,000 is available under 80C.I being a Individual(Male) will like to ask following Questions

1.Which ITR Should i File?
2.There Comes Tax on Income how could i avoid paying tax?
3.I received the commission income from a proprietary firm on 17/4/2012 for AY:2012-13 without deduction of any TDS ...are there any consequences of non-deduction of TDS??
Also let me know any liability on the firm for nondeduction of TDS...if any

Plz explain...thanks in advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 June 2012 1. You have to file ITR 4.
2. Show expenses against commission income. Expenses amounting to approx. Rs. 20,000 will reduce your tax liability to NIL.
3. There is no liability on the recipient if the payer has not deducted TDS. However, in such a case, the recipient should ensure that he discharges his tax liability by way of advance tax otherwise interest shall be payable.

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CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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26 June 2012 Reply to your queries are as follows:

1) File your income tax return in ITR 4
2)You would have incurred some expenses in earning commission, please deduct that before reaching at taxable income. you need minimum expenses of Rs. 20000/- so that your tax liability becomes nil.
3) In your case, there is no liability for non-deduction of TDS. ALSO You need not to pay any ADVANCE TAX AS ADVANCE TAX PROVISIONS ARE NOT APPLICABLE IN YOUR CASE.

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