28 February 2014
IF TAXABLE INCOME OF AN INDIVIDUAL ASSESSEE IS UNDER RS 200000 HAVING COMMISSION AS HIS SOURCE OF INCOME, WHETHER THE TDS DEDUCTED ON HIS COMMISSION IS REFUNDABLE TO HIM OR NOT?
28 February 2014
On his commission tds may deducted as 5000 is the threshold limit for commission income . . however as amount not exceeded basic exemption limit he can claim tds deducted in his return and refund of tds will be possible . . ITR4 applicable as commission is taxable under Business income . . Can offer this 2 lakhs commission in ITR4 and can show in p&l sheet in serial no.51 which is no accounts maintained case..
CAclubindia
