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REFUND

SAGAR (CA) (129 Points)

13 March 2010

HELLO , IN CASE I HAVE TO FILE THE RETURN FOR THE REFUND OF TDS DEDUCTED ON THE INSURANCE COMMISSION WHETHER CAN I ALSO CLAIM IN THE NO ACCOUNT CASE OR I HAVE TO COMPULSORY MAINTAIN BOOKS OF ACCOUNT FOR TAKING THE REFUND.

MY INSURANCE COMMISSION IS RS 50000 AND OTHER BUSINESS INCOME IS RS 60000

BOTH LESS THAN RS. 120000

PLS HELP ME.

I AM IN URGENT NEED.

WHAT CAN I DO?

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9 Replies

Shudhanshu Agrawal (Business) (2570 Points)
Replied 13 March 2010

Dear Sagar,

In case you want to have a refund of TDS deducted on the income then you have to file ITR for it and there you have to mention the details of your income and expenses. you must have received Form 16A for the deduction of TDS. For applicability of maintnance of books of accounts please mention the turnover of the business. As per Section 44AA (Before Finance Act 2010) if business turnover is more than 40L then only maintenance of books is compulsory.

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C.Balaji (Learner) (1867 Points)
Replied 13 March 2010

Yes.....Friend Shudhanshu is rite........

SAGAR (CA) (129 Points)
Replied 13 March 2010

THANKS, BUT MY GROSS RECIPTS OF BUSINESS IS APPROXIMATELY RS 150000

AND MY INCOME IS RS 60000 FROM BUSINESS

AND MY INSURANCE COMMISSION IS RS 50000

TOTAL INCOME IS LESSTHAN RS. 120000

IS IT NO ACCOUNT CASE ?

pooja (student) (101 Points)
Replied 13 March 2010

sagar is rite............

n wat sudhansu said its about tax audit (44AB) not maintain of books of accounts(44AA)

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 13 March 2010

Hi SAGAR.. there is no problem in asking for refund... go ahead... Whatever u mentioned is VERY VERY NORMAL... U should not have any doubt at all

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Shraddha Gupta (chartered accountant) (74 Points)
Replied 13 March 2010

If you r considering it as b & p income can be computed on assumed income basis if it is below the limit of RS 60000.

If the gross recpt exceeds 60000 u hv to prepare Balance sheet. An LIC Agent whose gross receipts of commission exceeds Rs.60,000/- can not claim any expenditure as deduction unless he maintains books of account. Please refer CBDT circular published in 201 ITR.

Shudhanshu Agrawal (Business) (2570 Points)
Replied 13 March 2010

Thanks Pooja for correcting me....

Shraddha Gupta (chartered accountant) (74 Points)
Replied 13 March 2010

But if it is your Income from other source than no need to maintain books for it.

LLOYD VAZ (Free Lancer) (158 Points)
Replied 13 March 2010

Hey if u have maintained books then only you have to show balance sheet figures otherwise u have to show under no accoun case amount of cash plus bank balance,sundry debtors if any ... gross income thats all. nothing to worry FILL IN ITR 4 n submit it to IT dept.