Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 21 March 2018
| Originally posted by : SSG | ||
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0607 - Other Profession Assessee has been filling ITR-4s earlier years and ITR-4 for AY 2017-18 for his income from insurance companies, on presumptive basis. |
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that is not the correct treatment. Commission income cannout be filed as presumptive income
SSG
(1936 Points)
Replied 21 March 2018
TDS has been deducted u/s 194J and 194D by different insurance companies.
Now what is the remedy? Please suggest.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 21 March 2018
| Originally posted by : SSG | ||
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TDS has been deducted u/s 194J and 194D by different insurance companies. Now what is the remedy? Please suggest. |
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you should have filed the return with broker books of accounts maintained. So revise the return and make the necessary changes
SSG
(1936 Points)
Replied 21 March 2018
Should ITR-3 be filed? Should profession/business code be changed? The NP shown in ITR-4 is well above 50% of gross receipts. Should NP be changed or same figures should be maintained in revised return?
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 21 March 2018
yes. You need to file ITR-3 with proper profession/business code. the profit should be as per actuals.
krishnamohan
(sr.auditor)
(49 Points)
Replied 21 March 2018
Income from Business and Profession
If the income received by any business title it will be treated as income from business. so, the commission received by the Business Entity will be treated as Business income.
Presumptive Income should have featured according to the income tax Act and rules.
unless the assessee will receive Notices for clarifications.
Nikhil Kaushik
(Fellow CA)
(85758 Points)
Replied 21 March 2018
| Originally posted by : krishnamohan | ||
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Income from Business and Profession If the income received by any business title it will be treated as income from business. so, the commission received by the Business Entity will be treated as Business income. Presumptive Income should have featured according to the income tax Act and rules. unless the assessee will receive Notices for clarifications. |
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income-tax act clearly tells you what can be covered by presumptive income and what not.
Reena
(Partner)
(221 Points)
Replied 28 March 2018
Both are correct. One is "gross receipts" and the other is presumptive income (10%).
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