19 February 2014
Firm carrying the business or profession of Real estate consultancy accruing its main income (<60L) as commission from sellers or purchasers. Now which form should the firm have to file? I have heard that person receiving income in the form of commission or brokerage should not file the itr-4s? As in the given case as it is firm can it file itr-4s or itr-5? which is having income in the form of commission?
19 February 2014
When the firm is receiving commission income exceeding Rs.10,00,000 or the net profit exceeds Rs. 120,000, it is required to maintain books of accounts u/s44AA because commission income is not covered u/s 44AD. Therefore, Form itr-4S can't be filed. File Form itr-5.
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