Itr form

This query is : Resolved

VIKRAM SINGH (Querist)
Follow

05 June 2014 I AM INDIVIDUAL, I HAVE ONLY INCOME FROM SALE COMMISIION,NO ACCOUNTS BOOK MAINTAINED, WHICH ITR FORM SHOULD I FILE ?

CA Madhvi

CA Madhvi (Expert)
Follow

05 June 2014 ITR4S as its business income for you and no books of accounts are maintained.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 June 2014 Dear Madhvi,

ITR4S cannot be used for commission income.

Upgrade to CAclubindia Pro. Subscribe Now!

CA Madhvi

CA Madhvi (Expert)
Follow

06 June 2014 ya it can not be used for commission from insurance business but i haven't seen that it cant be used for other type of commission

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 June 2014 Dear Madhvi,

please refer Section 44AD(6)(ii)

"(6) The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
.........
(ii) a person earning income in the nature of commission or brokerage; or....."

44AD doesn't apply to any commission income.

CA Madhvi

CA Madhvi (Expert)
Follow

06 June 2014 ok.I will refer..Thnk you:)
Then in above query which itr can be used?
ITR-2?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 June 2014 Itr 4 only. Itr 2 cannot be used for business income