Income tax return for brokrrage

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This query is : Resolved

anil lamboria (Querist)

01 September 2013 Can income tax return for BROKERAGE INCOME be filled under the sec. 44AD "Presumptive Income"....??

And if return for A.Y. 12-13 has been filed u/s 44AD then what are the consequence for the same... ??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

01 September 2013 No. Brokerage income is not eligible to claim presumptive income u/s.44AD

Message likes : 1 times

anil lamboria

anil lamboria (Querist)

01 September 2013 an another query if return for A.Y. 12-13 has been filed u/s 44AD then what are the consequence for the same...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

01 September 2013 My opinion, it may be considered as defective return u/s.139(9).

You can revise the return with correct details u/s.139(5)

anil lamboria

anil lamboria (Querist)

02 September 2013 If tereun of income has been filled belated then what can be done in this matter.....???

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

02 September 2013 When officially if u filed return u/s 44AD which is not allowed for brokerage income then there is no valid return filed by u as what u filed is not allowed so u need to file itr-4 within 1 year from end of rel AY.

You can file within 31.3.2014 which shall be belated return u/s 139(4).

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