Return filing

This query is : Resolved

Bijoy (Querist)
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12 March 2012 Dear Friends,

My income is from brokerage after deducting the TDS. Kindly clear my below mentioned points.

1. Is it necessary to file a return as the income does not exceed the Taxable Limit ?

2. If so, Which form should be used?

3. Can i claim for refund, the tax which has been already deducted?

Note: - (No other income, Having Form 16A, Annual Brokerage income is Rs 120000)

Kindly assist friends

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 March 2012 1. Not mandatory.

2. If filing is opted, please use ITR 4 or ITR 4S.

3. Yes.

Bijoy

Bijoy (Querist)
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12 March 2012 Dear warrier Sir,

1. Is it necessary to show income and expenditure statement in ITR 4s

2. Does this income is considered as presumptive income?

Thanks & Regards

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 March 2012 It is not necessary to show income & expenditure statement in ITR 4S as ITR 4S is applicable for presumptive income.

Accordingly, a presumptive income of minimum 8% of gross receipts is declared under Section 44AD.

Bijoy

Bijoy (Querist)
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12 March 2012 Does income from Brokerage and Commission is considered as Presumptive income?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 March 2012 You can choose to apply the provisions of Section 44AD. Section 44AD applies to all businesses except professional income and business of plying plying, hiring or leasing goods carriages.

Bijoy

Bijoy (Querist)
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12 March 2012 Where should i mentioned the brokerage income in ITR 4s?

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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21 July 2025 Here’s how you can handle your brokerage income in ITR-4S under presumptive taxation (Section 44AD):

1. Is brokerage income considered presumptive income?
Brokerage and commission income is generally business income.

Section 44AD applies to most businesses except professionals and goods carriage business, so yes, you can declare brokerage income under Section 44AD presumptive scheme.

2. Which ITR form to use?
Use ITR-4S (Sugam) if you opt for presumptive taxation under Section 44AD.

3. Where to mention brokerage income in ITR-4S?
In ITR-4S, you need to enter your gross receipts or turnover (which will be your brokerage income) under the “Part B – Income Details” section.

You declare 8% of this gross receipt as taxable income under presumptive income.

4. Can you claim refund of TDS?
Yes, if TDS deducted on brokerage income is more than your actual tax liability (which could be zero if income is below taxable limit), you can claim a refund by filing the return.

Summary for you:
File ITR-4S and mention your gross brokerage income as turnover.

Declare 8% of the brokerage income as taxable income (presumptive).

You can claim refund of excess TDS by filing the return even if income is below taxable limit.

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