Mr.A has two business. One is general commission agent and another one is retails business, which was eligible for presumptive income as per section 44AD. In which ITR Form he has to file return? and How the return file?
SINTO JOSE (Jr. Officer) (24 Points)
23 December 2015Mr.A has two business. One is general commission agent and another one is retails business, which was eligible for presumptive income as per section 44AD. In which ITR Form he has to file return? and How the return file?
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 23 December 2015
I don't agree .
ITR-4S cannot be filed when you have income from commission or brokerage . that means you need to file ITR-4 for commission business BUT you cannot file ITR-4 as well as ITR-4S as only one return can be filed by assessee.
ultimately YOU HAVE TO FILE ITR-4
CA Prateek Garg
(CA in Practice)
(1444 Points)
Replied 23 December 2015
Though you may use section 44AD for retail business but for commission agency business you have to compute income and pay tax as per normal provision of PGBP.
Hence you can’t use ITR 4S. You can file ITR 4 showing income from Retail business on presumptive basis and income from commission as per normal provision.
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