Which ITR form is to be filled by a Bank's commisiion agent?
CA NIHAL JAIN
(CA In Practice)
(110 Points)
Replied 17 February 2015
Hi Nikita
If you are treating the income as IFOS then you should file ITR 1(Sahaj). And if the income is in the nature of Income from Business/Profession. then ITR 4.
In your case it will probably be ITR 1 only.
shikhar
(LEARNER )
(1394 Points)
Replied 17 February 2015
hello ....nihal
bro .....u r amending your response...it give wrong impact... any how rectify your mistake by fresh message in future.
thanks
CA NIHAL JAIN
(CA In Practice)
(110 Points)
Replied 17 February 2015
Hello Sikhar,
Y ITR 4 should be filled?
shikhar
(LEARNER )
(1394 Points)
Replied 17 February 2015
Bro.. ITR 4 and ITR1 both can be filled, but it depend on the assessee income and other detail
for example ..... ...
If you have foreign assets, you cannot use ITR-1.
If you have exempt income which is more than Rs. 5,000, you cannot use ITR-1
There are certain benifits of filling itr 4 instead of itr 1
Thanks
CA NIHAL JAIN
(CA In Practice)
(110 Points)
Replied 17 February 2015
Dude... But this fellow just has One income (which i think shall be classified as income from other sources)...and ITR 4 is for Income from business/Profession... Then how can they file ITR 4?
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 17 February 2015
Hi Nikita, they can file ITR 4 by treating the income from business/profession.
shikhar
(LEARNER )
(1394 Points)
Replied 17 February 2015
Bro ....when we file return we always think what is beneficial for aasesse, for example if we file.....above income in itr 4 then we can also claim expenses for earning this commission.
To treat any income as PGBP or OS, its nature matter allot. if assesse is earning it in regular nature then i think it must be treated as PGBP.
It seems that he is earning income from only one source .... hence i think it will be in regular nature.
thanks
CAclubindia
