Income tax return
This query is : Resolved
13 July 2013
Dear Experts Please Solve My case .i.e
Case : A person start his business of money transfer during the F.Y 13-14.He transfer Money from his saving account to their client's relatives , family members and other after receiving money from their client and he earned commission no that money transfer.He doesn't maintain his books of accounts and he doesn't filed his income tax return return till now.
Query:
Please tell me.
1)is he eligible to file his income tax return for F.Y 12-13 and 13-14?
2)if he is eligible to file his income tax return then whats the consequences of that?
3)can he is eligible to file his income tax return on presumptive income basis if yes then in which section he is eligible to file his income tax return.
Case : A person start his business of money transfer during the F.Y 13-14.He transfer Money from his saving account to their client's relatives , family members and other after receiving money from their client and he earned commission no that money transfer.He doesn't maintain his books of accounts and he doesn't filed his income tax return return till now.
Query:
Please tell me.
1)is he eligible to file his income tax return for F.Y 12-13 and 13-14?
2)if he is eligible to file his income tax return then whats the consequences of that?
3)can he is eligible to file his income tax return on presumptive income basis if yes then in which section he is eligible to file his income tax return.
14 July 2013
1) Yes, he can file his income tax returns.
2) No special consequences for him Offer total commission amount as Gross income from that claim expenses like Internet charges,electricity charges,telephone charges,computer maintanace,stationery expenses etc... if any other which are related to his business.
3) No he not covers under section presumptive income basis because of he providing service so he comes and service sector and he is commission agent section 44AD(presumptive income) strictly saying section 44AD doesn't apply to commission or brokerage agents.
OM SAI SRI SAI JAI JAI SAI
2) No special consequences for him Offer total commission amount as Gross income from that claim expenses like Internet charges,electricity charges,telephone charges,computer maintanace,stationery expenses etc... if any other which are related to his business.
3) No he not covers under section presumptive income basis because of he providing service so he comes and service sector and he is commission agent section 44AD(presumptive income) strictly saying section 44AD doesn't apply to commission or brokerage agents.
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
