20 December 2012
dear expart I am confused in different answers of the said question and I already upload some return u/s 44ad of commission income what
I shall do now? earned commission income does not exceeds the income which is not chargable to tax. advice me
20 December 2012
dear expart I am so confused in different answers and I already uploaded somereturn u/s 44ad, what I shall do now? earned income does not exceeds the maximum limit which is chargeble to tax. advive me. its important
According to such meaning except transport operators who are liable to show their income according to section 44AE all other are eligible for 44AD income offering. So please read that and confirm me.
20 December 2012
And also read the section 44AD according to the income tax department.
26 [ 27 Special provision for computing profits and gains of business on presumptive basis.
44AD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year on account of such business or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the eligible assessee, shall be deemed to be the profits and gains of such business chargeable to tax under the head “Profits and gains of business or profession”.
(2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed :
Provided that where the eligible assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40.
(3) The written down value of any asset of an eligible business shall be deemed to have been calculated as if the eligible assessee had claimed and had been actually allowed the deduction in respect of the depreciation for each of the relevant assessment years.
(4) The provisions of Chapter XVII-C shall not apply to an eligible assessee in so far as they relate to the eligible business.
(5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee who claims that his profits and gains from the eligible business are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.
Explanation.—For the purposes of this section,—
(a) “eligible assessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership firm as defined under clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009) 27a ; and
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;
(b) “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
20 December 2012
At any where i didn't saw or read regarding commission income not eligible for section 44AD income so please provide the source of it if it is correct and update my knowledge.
20 December 2012
dear sir how I can revised return because all uploaded return are belated return ? any way about that, in addition till date I do not sent itr-v to cpc, I fill up itr 4s. can any way to transfer in regular itr-4 return form ? if yes give me the procedure .advice me its important
20 December 2012
I apologize for my previous reply. I was wrong by supporting warrier sir. My conclusion is that, you can opt for sec 44AD. Thanks to the Tirumala sir for his replies. I checked the memorandum explaining finance bill,2009, through which sec 44AD was revised. It clearly mentions that the scheme is applicable for ANY BUSINESS EXCLUDING A BUSINESS ALREADY COVERED UNDER SEC 44AE.
20 December 2012
Now you have not choice to file revise return and as per my view you not make any mistake. ITR-4S is allowable. Last year i filed no of cases regarding who having commission income in ITR-4S and all are accepted and processed and refund allowed.
Any way you have not option for file revise return so send you filed ITR-4S acknowledgments(ITR-V) to CPC if it rejected the process due to the wrong selection of form(improper form) and refund rejected then file rectification return by uploading ITR-4.
20 December 2012
dear exparts I read finance bill 2012 and its show amendend sec44ad and new sub sec include 6(2) its expain, sec44ad does not include 1. any pofession 2. any income in the nature of commission or brokarage and 3. any agency business follow the folowing link http://taxguru.in/incometax/provision-section44ad-amendedfinance-act-2012.html and advice me. thanks.....
21 December 2012
I read that file by searching and found it. So then i agree with Chakrapani sir, Because of the retraspective effect is from A.Y.2011-12 but still now i yet be confirm after reading the act and section. But last year i filed so many return regarding u/s44AD for commissions/brokerages and the CPC accepted and processed.
21 December 2012
dear tirumala sir thanks for you read the file sir.now what I shall do now sir about already uploaded return. sent itr-v to cpc and wait for processing or any thing else ? advice me sir its important...
21 December 2012
Dear Malay Das now please wait for the processes of CPC. In case CPC rejected the return due to the wrong selection of form then we will discuss what we do according to the response of CPC. So wait for process of CPC. Best of Luck.
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