Return filing

This query is : Open

Bijoy (Querist)
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12 March 2012 Dear Friends,

My income is from brokerage after deducting the TDS. Kindly clear my below mentioned points.

1. Is it necessary to file a return as the income does not exceed the Taxable Limit ?

2. If so, Which form should be used?

3. Can i claim for refund, the tax which has been already deducted?

Note: - (No other income, Having Form 16A, Annual Brokerage income is Rs 120000)

Kindly assist friends

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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12 March 2012 1. Not mandatory.

2. If filing is opted, please use ITR 4 or ITR 4S.

3. Yes.

Bijoy

Bijoy (Querist)
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12 March 2012 Dear warrier Sir,

1. Is it necessary to show income and expenditure statement in ITR 4s

2. Does this income is considered as presumptive income?

Thanks & Regards

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 March 2012 It is not necessary to show income & expenditure statement in ITR 4S as ITR 4S is applicable for presumptive income.

Accordingly, a presumptive income of minimum 8% of gross receipts is declared under Section 44AD.

Bijoy

Bijoy (Querist)
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12 March 2012 Does income from Brokerage and Commission is considered as Presumptive income?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 March 2012 You can choose to apply the provisions of Section 44AD. Section 44AD applies to all businesses except professional income and business of plying plying, hiring or leasing goods carriages.

Bijoy

Bijoy (Querist)
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12 March 2012 Where should i mentioned the brokerage income in ITR 4s?