Itr form

This query is : Resolved

VIKRAM SINGH (Querist)
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05 June 2014 I AM INDIVIDUAL, I HAVE ONLY INCOME FROM SALE COMMISIION,NO ACCOUNTS BOOK MAINTAINED, WHICH ITR FORM SHOULD I FILE ?

CA Madhvi

CA Madhvi (Expert)
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05 June 2014 ITR4S as its business income for you and no books of accounts are maintained.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 June 2014 Dear Madhvi,

ITR4S cannot be used for commission income.

CA Madhvi

CA Madhvi (Expert)
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06 June 2014 ya it can not be used for commission from insurance business but i haven't seen that it cant be used for other type of commission

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 June 2014 Dear Madhvi,

please refer Section 44AD(6)(ii)

"(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
.........
(ii) a person earning income in the nature of commission or brokerage; or....."

44AD doesn't apply to any commission income.

CA Madhvi

CA Madhvi (Expert)
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06 June 2014 ok.I will refer..Thnk you:)
Then in above query which itr can be used?
ITR-2?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 June 2014 Itr 4 only. Itr 2 cannot be used for business income