Itr processed, but not on revised return

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39 Points Joined June 2017

Hello guys,

I filed Online ITR for my friend, but I made a mistake in picking the wrong ITR Form.

My friend is getting his income as comission by working as an insurance agent. His income is below taxable threshold but have refund because of TDS.

 

I filed the reutrn for him in ITR-4, but then I was told that ITR-1 shall be used for commissions,so I filed a revised return using ITR-1.The refund claimed in both ITR is the same.

 

Last week I got intimation via email and it says the refundable amount as I claimed, but the intimation was for the Original return (ITR-4). When I logged into the ITD website, it says Orignal as "ITR Processed" and revised as "ITR-V Received".

 

He have not received the said amount in his bank account yet. My question is, what happens next? Will the revised return be cancelled? Or will they hold up the refund and release it only after processing the revised return?

Can anyone who had such situation share their experience?

 

Best Regards,

Abey

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On 22 October 2017 at 19:02 Report
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"Do the Right Thing...!!!"
128116 Points Joined January 2015
Dear Abey Austin.,

If you said AY 17-18.....!!?

If yes.,


What is your exact Intimation on your first filing of ITR 4...?

Please Show it here...!!!


Bcoz, ITR 4 and ITR 1 is not applicable to Commission Business if it's AY 17-18...


Also ITR 4 is correct if it's AY 16-17.....
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On 22 October 2017 at 20:41
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unmarried
26 Points Joined March 2016
we have to file itr-4 for Ay 2017-18 it will process correctly.
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On 22 October 2017 at 21:11
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"Do the Right Thing...!!!"
128116 Points Joined January 2015
@ Venkata.,
Can't understand your above said reply
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On 22 October 2017 at 21:26
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unmarried
26 Points Joined March 2016
As per sec 44AD , we can declare >8% on commission income or we can declare under other sources
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On 22 October 2017 at 21:30
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unmarried
26 Points Joined March 2016
it depends on amount of income
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On 22 October 2017 at 21:30
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"Do the Right Thing...!!!"
128116 Points Joined January 2015
If under sec 44ad and Select Commission income then it's fall defective....
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On 22 October 2017 at 21:37
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Managing Partner at TAXounting
8742 Points Joined November 2013
@ Venkata Ji
How can a person can show 8% of insurance commission because it is not a business and as per 44AD 8% of turnover
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On 22 October 2017 at 21:37
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unmarried
26 Points Joined March 2016
Ashwini ji ,
yes if it is business then only we declare u/s 44AD other wise we have shown under income from other sources.
as per my practical experience I deal such situations ,
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On 22 October 2017 at 21:59
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unmarried
26 Points Joined March 2016
i declare most of the cases under 44AD
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On 22 October 2017 at 21:59
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unmarried
26 Points Joined March 2016
Raja ji
Than declare under income from other sources total amount of commission income
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On 22 October 2017 at 22:06
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"Do the Right Thing...!!!"
128116 Points Joined January 2015
Dear.,
If you file IFOS then the income nature is also changed not assessed under commission head...
In case you ll be select commission income the it ll treat as "DEFECTIVE"..

So, it's not advisable to Commission business...
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On 22 October 2017 at 22:09
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39 Points Joined June 2017
Originally posted by : RAJA P M
Dear Abey Austin., If you said AY 17-18.....!!? If yes., What is your exact Intimation on your first filing of ITR 4...?Please Show it here...!!! Bcoz, ITR 4 and ITR 1 is not applicable to Commission Business if it's AY 17-18... Also ITR 4 is correct if it's AY 16-17.....

Hello all, 

I am terribly sorry for the huge delay in replying. I was out of station for an audit and is busy with my CA exams. 

What happened in the mean time is, the refund was actually credited to the assese account after a few days but in the IT website the revised return using ITR-1 still says ITR-V Received, it is not accepted by the ITO still yet.

Yes, my AY is 17-18 and the income is derived from commission from insurance business. Until last AY, ITR-4 was been used for this purpose and since AY17-18, ITR-4 has been used for presumptive business. I wasn't aware of that at the time of filing and that's why I revised the return for ITR-1. But ITR-4 was processed and refund was credited.

In winman instructions it was said that ITR-4 can't be used for my purpose and ITR-1 is recommended. That's why I revised return in ITR-1

I am wondering, since the ITR-4(Original) has been processed and refund is made, what will happen to my revised return ITR-1?

If you need anymore details, please let me know.

Regards,
Abey

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On 03 November 2017 at 11:42


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