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Believe in Yourself (article)     27 July 2012

Itr 4 or itr 4s

Plz rep,,

I have brokerage income having gross receipts of less than rs 10lakhs, but total income (means gross receipts less expenses in relation to business) after all expenses but before claiming deduction under chapter VI A is more than Rs 120000, so as per sec 44AA i have to maintain books of accounts, but i have not maintained the same due to some unavoidable reasons, so iis it better to go with ITR4s, n while filling return ITR 4s can we claim deductions under Chapter VIA..

or is there any way to file return ITR 4.



 2 Replies

Tehsinkhan Pathan

Tehsinkhan Pathan (CA CMA DISA(ICAI) B.COM)     27 July 2012

 

BROCKERAGE INCOME IS EXCLUDED FROM THE DEFINITION OF ELIGIBLE BUSINESS U/S - 44AD BY FINANCE ACT, 2012.....

AS PER AMENDMENT OF FINANCE ACT, 2012, FOLLOWING ARE EXCLUDED FROM ELIGIBLE BUSINESS (RETROSPECTIVELY) :-

1. COMMISSION AND BROCKERAGE

2. AGENCY BUSINESS

3. PROFESSION

Believe in Yourself

Believe in Yourself (article)     27 July 2012

But Sir as i have downloaded the XCEL version of ITR 4s from income Tax site, i got the tradename of Share brokers & sub brokers under it, and i have the brokerage income of share trading,,so cant i go for ITR 4s even if it has a share broker & sub broker under heading of business.


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