Section 44ad
This query is : Resolved
29 March 2016
can I use ITR 4s for a client who has income from commission and brokerage. he also earns interest on FD. gross total income is below taxable limit.
does 8% limit can be applied in this case.
CA MANISH SAXENA
(Expert)
30 March 2016
Yes you can fille itr!
Jaymin Sabhaya
(Expert)
30 March 2016
As per my view - - -
Following persons are not eligible to avail any benefit under section 44AD
1. A person carrying on profession as referred to in section 44AA(1)
2. A person earning Income in the nature of commission and Brokerage
3. A person carrying on agency business
4. A person who is in the business of plying, hiring or leasing goods carriages.
Therefore you can not file ITR 4S.
Following persons are not eligible to avail any benefit under section 44AD
1. A person carrying on profession as referred to in section 44AA(1)
2. A person earning Income in the nature of commission and Brokerage
3. A person carrying on agency business
4. A person who is in the business of plying, hiring or leasing goods carriages.
Therefore you can not file ITR 4S.
Murtaza I Bhagat
(Expert)
30 March 2016
ITR 4 have to be filed for income from Commission & Brokerage.
Jaymin Sabhaya
(Expert)
30 March 2016
Agree with Murtaza Bhagat sir.
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