Hi Good Evening,
If an individual has income from retail business as well as insurance commission then can he opt presumptive taxation for his retail business income? Can he file ITR-4S?
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Applicability of sec-44ad
Replies (3)
No ...sec 44ad doesn't apply on commission income
Section 44AD is eligible-business based. You could opt for 44AD in case of retail business. But the commission income is not eligible for presumptive taxation. Hence there are both eligible as well as in-eligible business income for the assessee.
If you intend to claim 44AD option in case of retail business, even then you cannot file' ITR 4S' since you are also having in-eligible income (ie., Commission income)..Hence you can only file ITR-4.
ok...thanks for the clarificaion.
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