Itr-4
This query is : Resolved
VIKRAM SINGH
(Querist)
14 August 2015
I AM AN INDIVIDUAL HAVING INCOME FROM COMMISSION ON SALE OF MACHINES(BELOW 5 LACS) FROM A PVT. LTD. COMPANY,NO BOOKS OF ACCOUNT MAINTAINED. SO I HAVE TO FILE ITR-4,IN ITR-4, WHERE I HAVE TO FILL COMMISSION AMOUNT. PLEASE HELP.
CA Ayush Agarwal
(Expert)
14 August 2015
You can File in ITR-2 showing this as other source income and claim expenses u/s 57.
CA R SEETHARAMAN
(Expert)
14 August 2015
You have rightly chosen the form ITR 4. Go to P&L and then go to other income and fill the amount in commission.
14 August 2015
Seems the view of Seetharamn Ji is correct.
CA Ayush Agarwal
(Expert)
17 August 2015
The suggestion was based on the data provided as there is no books of accounts has been maintained.
I would still suggest to have ITR-2.
I would still suggest to have ITR-2.
VIKRAM SINGH
(Querist)
17 August 2015
can i claim expenses against that income,
CA R SEETHARAMAN
(Expert)
17 August 2015
Mr. Ayush Agrawal You have to go a long way. For non maintenance of accounts business income will not become other income.
CA Ayush Agarwal
(Expert)
19 August 2015
If Commission income You want to Show As other income Then fill up ITR-2.
In case of Commission Income Treated as Business Income Then Fill up ITR-4 Both Options Available.
I do agree with both the option, although in case of FX INFO TECHNOLOGIES PVT. LTD., it was held as Business Income, but there are other cases where it held as other income too.
@Vikram Singh- Yes You can claim expenses under other source u/s 57.
In case of Commission Income Treated as Business Income Then Fill up ITR-4 Both Options Available.
I do agree with both the option, although in case of FX INFO TECHNOLOGIES PVT. LTD., it was held as Business Income, but there are other cases where it held as other income too.
@Vikram Singh- Yes You can claim expenses under other source u/s 57.
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