Income Tax Return

Dear All,

I want to know that If person has only Comission Income then his Income tax return should be filed under income from business means ITR-4 or it should be under income from other sources, means ITR-2.

As for filing ITR-4 we have to also submit balance sheet.

Also from AY 2008-09 if Income tax return has not filed, due to Income below tax slab, but there is refund to claim from IT Dept, so can we file return of AY 2008-09 onwards now & if yes then is there any panelty for late filing.

pls. help me with your good answers & suggestions.

Replies (1)

ITR 4 can be filled if commission is a sort of business income otherwise it will come under the purview of Income from Other Sources under ITR2.

 

also if ITR is not filed yet then refund cannot be claimed .

Tax refund needs to be claimed with one year of the last day of assessment year

in your case last date for Refund claim is 31.03.2010

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