Income tax return

This query is : Resolved

manish (Querist)
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13 July 2013 Dear Experts Please Solve My case .i.e

Case : A person start his business of money transfer during the F.Y 13-14.He transfer Money from his saving account to their client's relatives , family members and other after receiving money from their client and he earned commission no that money transfer.He doesn't maintain his books of accounts and he doesn't filed his income tax return return till now.

Query:
Please tell me.
1)is he eligible to file his income tax return for F.Y 12-13 and 13-14?

2)if he is eligible to file his income tax return then whats the consequences of that?

3)can he is eligible to file his income tax return on presumptive income basis if yes then in which section he is eligible to file his income tax return.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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14 July 2013 1) Yes, he can file his income tax returns.

2) No special consequences for him Offer total commission amount as Gross income from that claim expenses like Internet charges,electricity charges,telephone charges,computer maintanace,stationery expenses etc... if any other which are related to his business.

3) No he not covers under section presumptive income basis because of he providing service so he comes and service sector and he is commission agent section 44AD(presumptive income) strictly saying section 44AD doesn't apply to commission or brokerage agents.

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