J@$preet (Article CA-Final) (149 Points)
06 October 2011My Query is that a commission agent is having gross reciepts 400000/- and profit around 95000/- , is he covered under sec-44 AD??
Can he file his ITR- 4S?, as last year he filed ITR 4, and code of nature of business as "General commission agents".
Swapnil Jain
(Finance - FP&A)
(564 Points)
Replied 06 October 2011
i think the commission agent's turnover should not be taken as gross receipts but the commission he earns on gross receipt...though wait for specific comment on that
and Rs 40 lacs is not the criteria now!! it's Rs 60 lacks now..
cheers!!
* Krishna *
(CA Student)
(6149 Points)
Replied 06 October 2011
In your case, your turnover is below 60 lakhs limit and if you want to show the business income below the presumptive rate (8%), then you need to maintain books of accounts. But if you want to follow presumptive rate of business income, then you can use ITR-4S SUGAM Form under general commission agent code.
* Krishna *
(CA Student)
(6149 Points)
Replied 06 October 2011
However, for AY 2011-12 also, ITR-4 can be used, if he is an individual / HUF who is carrying out a proprietary business or profession under General commission agent with code-0301.
srikumar
(audit staff)
(1203 Points)
Replied 12 October 2013
i think commission shoul not coverd sec 44ad ,bcoz its not a gross receipts (gross receipt means total turnover for the year ) so sec 44ad does not attract commission income
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
CAclubindia
