AS COMMISSION AGENT IS MANDATORILY REQUIRED TO MAINTAIN BOOKS AS PER INCOME TAX ACT.
But most of the CA practice file the return either in form 4S or In form 4 but in no account case.
Is it permissible? and what will be the difference between these option inspite of the fact that they are different forms ?
Commission agent's return has to be filed in form 4. Form 4S cannot be used.
Books of accounts need not be maintained by a person filing returns using form 4S as the business profits are estimated on presumptive basis.
A commission agent has to maintain accounts if his turnover exceeds Rs 10L or income excessds 1.2L in any of the 3 preceeding years.
CAN AGENT FILE HIS INCOME UNDER FORM 4( IN ACCOUNT CASE SECTION)? IS IT LEGIBLE? IF INCOME EXCEED RS 1.2LACS
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