Hi Good Evening,
If an individual has income from retail business as well as insurance commission then can he opt presumptive taxation for his retail business income? Can he file ITR-4S?
Gudipati Roja (Audit manager) (131 Points)
06 June 2017Hi Good Evening,
If an individual has income from retail business as well as insurance commission then can he opt presumptive taxation for his retail business income? Can he file ITR-4S?
VIAKS CHOUDHARY
(STUDENT)
(31 Points)
Replied 06 June 2017
Sanjay S
(Chartered Accountant)
(1375 Points)
Replied 06 June 2017
Section 44AD is eligible-business based. You could opt for 44AD in case of retail business. But the commission income is not eligible for presumptive taxation. Hence there are both eligible as well as in-eligible business income for the assessee.
If you intend to claim 44AD option in case of retail business, even then you cannot file' ITR 4S' since you are also having in-eligible income (ie., Commission income)..Hence you can only file ITR-4.
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