Income tax return for brokrrage

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anil lamboria (Querist)
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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)
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01 September 2013 No. Brokerage income is not eligible to claim presumptive income u/s.44AD

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anil lamboria

anil lamboria (Querist)
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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)
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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)
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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)
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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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