karan jit singh (Consultant) (1299 Points)
06 February 2016AS COMMISSION AGENT IS MANDATORILY REQUIRED TO MAINTAIN BOOKS AS PER INCOME TAX ACT.
But most of the CA practice file the return either in form 4S or In form 4 but in no account case.
Is it permissible? and what will be the difference between these option inspite of the fact that they are different forms ?
Commission agent's return has to be filed in form 4. Form 4S cannot be used.
Books of accounts need not be maintained by a person filing returns using form 4S as the business profits are estimated on presumptive basis.
A commission agent has to maintain accounts if his turnover exceeds Rs 10L or income excessds 1.2L in any of the 3 preceeding years.
karan jit singh
(Consultant)
(1299 Points)
Replied 06 February 2016
CAN AGENT FILE HIS INCOME UNDER FORM 4( IN ACCOUNT CASE SECTION)? IS IT LEGIBLE? IF INCOME EXCEED RS 1.2LACS
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