Notice of adjustment(s) u/s 143(1)(a)

Originally posted by : SSG
	0607 - Other Profession Assessee has been filling ITR-4s earlier years and ITR-4 for AY 2017-18 for his income from insurance companies, on presumptive basis.

that is not the correct treatment. Commission income cannout be filed as presumptive income

TDS has been deducted u/s 194J and 194D by different insurance companies.

Now what is the remedy? Please suggest.

Originally posted by : SSG
	TDS has been deducted u/s 194J and 194D by different insurance companies. Now what is the remedy? Please suggest.

you should have filed the return with broker books of accounts maintained. So revise the return and make the necessary changes

Should ITR-3 be filed? Should profession/business code be changed? The NP shown in ITR-4 is well above 50% of gross receipts. Should NP be changed or same figures should be maintained in revised return?

yes. You need to file ITR-3 with proper profession/business code.  the profit should be as per actuals.

ITR 4S for AY 17-18

Income from Business and Profession

If the income received by any business title it will be treated as income from business. so, the commission received by the Business Entity will be treated as Business income.

Presumptive Income should have featured according to the income tax Act and rules.

unless the assessee will receive Notices for clarifications.

Originally posted by : krishnamohan
	Income from Business and Profession If the income received by any business title it will be treated as income from business. so, the commission received by the Business Entity will be treated as Business income. Presumptive Income should have featured according to the income tax Act and rules. unless the assessee will receive Notices for clarifications.

income-tax act clearly tells you what can be covered by presumptive income and what not. 

yes, you are absolutely right

Both are correct. One is "gross receipts" and the other is presumptive income (10%).

Returns filed wrong.