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Income tax return filing


SINTO JOSE (Jr. Officer)     23 December 2015

SINTO JOSE
Jr. Officer 
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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?

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Ankit Taprania (CA FINAL )     23 December 2015

Ankit Taprania
CA FINAL  
 55 likes  542 points

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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

avater

CA Prateek Garg (CA in Practice)     23 December 2015

CA Prateek Garg
CA in Practice 
 78 likes  1395 points

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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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