194c

This query is : Resolved

NChary (Querist)
Follow

09 July 2015 Hi Everyone,

I am receiving 194C form16A as payment received from advertising agency for the work contract on painting cinema posters and other work.i just get it work done with someone and I will claim the bill.

just like an agent.

what is the form should i use to file the tax return ITR4 OR ITR4S

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
Follow

09 July 2015 Its ITR 4 only.

Because, ITR 4S is for persons having presumptive income.

Since section 44AB(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—

(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;

(ii) a person earning income in the nature of commission or brokerage; or

(iii) a person carrying on any agency business..

So, it makes you liable you file in ITR 4 as 'regular income' and not 'presumptive income.

NChary

NChary (Querist)
Follow

09 July 2015 sorry, It's printing the cinema posters not painting.

Upgrade to CAclubindia Pro. Subscribe Now!

CA John Abraham Austin ACA

CA John Abraham Austin ACA (Expert)
Follow

09 July 2015 Even if that is the case, since you are acting as an 'agent', you are not eligible for presumptive based income computation.
Pls refer to the (iii) point on my earlier comment.

Message likes : 1 times