Dear Sirs,
I am a housewife and also doing LIC and Mutual Funds agency work. Last year I filled my return in ITR 4S after considered opinion of a few expert professionals (CAs) on the forum and got my refund of TDS amount without any problem. Accordingly, I e-filed my return for this yer also i.e AY 2012-13 on 18th June in the same ITR-4S. My Income is as below:
1. Commission Income from LIC Agency
& Brokerage from Mutual Funds - 74,081.00
Less Expenses of business (15%) - 11.112.00
Net - 62, 969.00
2. Other Income (Interest) - 1,08, 956.00
Total - 1,71, 925.00
3. Savings under Sec 80C 43, 533.00
Taxable Income - 1,28, 392.00
(Hence No Tax Liability)
TDS made by LIC is 5, 497.00 for which I have claimed refund.
To-day I read an article in the Club's website titled "Overview of Amendments in Direct Taxes (Budget 2012-13)" by CA Ravi Agarwal and came to know that an amendment has become effective from retrospective effect from 1st April 2011, and according to it the "Presumptive Taxation" will not apply to Professionals, Commission Agents, Brokers or persons earning income in the nature of Commission & Brokerage etc.
Now what should I do?
Should I file a revised return in form ITR-4 ? If so, by what time should I do that ?
What about my previou years retun and the refund which I have already obtained for the previous year i.e. AY 2011-12 ?
Kindly advise at the earliest.
CAclubindia
