Itr 4
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2011
Dear Sir/Madam
I have one query about ITR 4.
A Individual Proprietor Business (Commission Agent of Agricultural Products, Whole Sale Traders Agricultural Products, Trading In Anaj Mandi)
Income in Books of Accounts
Profit From Sales Of Goods--Rs. 20000
Commission received on Sales of Goods-- 35000
Interest Received on Advances-- 15000
I want to know treatment of commission and interest in itr 4.
whether interest and commission taken in heads of other income or PGBP.
I have one query about ITR 4.
A Individual Proprietor Business (Commission Agent of Agricultural Products, Whole Sale Traders Agricultural Products, Trading In Anaj Mandi)
Income in Books of Accounts
Profit From Sales Of Goods--Rs. 20000
Commission received on Sales of Goods-- 35000
Interest Received on Advances-- 15000
I want to know treatment of commission and interest in itr 4.
whether interest and commission taken in heads of other income or PGBP.
04 August 2011
Interest to be taken under the head of income from other sources.
Commission Income is PGBP
In my view, in case turnover+Commission is less than 60lacs, you have to file return in ITR 4S.
In that case you have to show profit @ 8% or more of (Turnover+Commission).
Commission Income is PGBP
In my view, in case turnover+Commission is less than 60lacs, you have to file return in ITR 4S.
In that case you have to show profit @ 8% or more of (Turnover+Commission).
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 August 2011
But Books of Accounts are maintained by proprietor.
Is ITR 4 inappropriate return in this case.
Is ITR 4 inappropriate return in this case.
07 August 2011
It depends upon the nature of interest. If it is advanced to your suppliers and they are giving you interest on the same then it can be treated as a business income otherwise it will be treated as Income from other sources.
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