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Itr 4 or itr 4s?

Raj (ac) (155 Points)

23 July 2013

Dear All,

I have income from Salaries

Income from other sources

MIS Int

PF Int

KVP Int

and also I earn from commsion and brokerage of financial products (around 22K).

Can I fill ITR 4S?

Thanks in advance

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8 Replies

Ca Priyanka mehta (CHARTERED ACCOUNTANT) (67 Points)
Replied 23 July 2013

yes, you can file ITR 4S..because you have salary income, other source n deemed income u/sec 44AD as commision & financial product income @ 8% chargeblity. so you can file ITR 4S.

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Raj (ac) (155 Points)
Replied 23 July 2013

Thank you very much for the quick reply Priyanka. I am not sure what is 8% chargeability? I do not have any business niether maintain any books.

Ca Priyanka mehta (CHARTERED ACCOUNTANT) (67 Points)
Replied 23 July 2013

it is not required to maintain books & business in sec 44AD business. you have to just calculate your gross reciepts from commision & financial products. n apply 8% tax rate on that reciepts. this is your declared income in 44AD. & you can file ITR 4S with this income.

Raj (ac) (155 Points)
Replied 23 July 2013

Wow its really nice Thanks Priyanka.

E1 Gross Turnover or Gross Receipts : I received 22000 as commision after deducting tax so what income should I show as Gross Recipts (22000+TDS)? or only 22000?

E2 Total Presumptive income under 44AD (>=8% of E1) : What is >=8% of E1?

Thanks in advance and sorry for the basic questions :)

Regards
Raj