Schedule of income corresponding to TDS credit claim

You need to file ITR 3.

Will speak you on call.

Dear Sir,

ITR 4 is not applicable to insurance commission. You have to file ITR-3 for A.Y. 2016-17 and A.Y. 2018-19. You can not use ITR-4. Please send the copy of notice at for further discussion.

Thanks

For AY 2018-19 ITR 3 form to be used for income from insurance commission & professional fee.

ITR 4 is not applicable for insurance commission. You have to file ITR 3 for both Assessment Years.

Please share copy of notice for further course of action .

We may help you in correct ITR filing.

In respect of Question 1:-

Where the Assesse is following presumptive taxation and filing ITR - 4S and showing 8% of the gross receipts as its taxable income in such case the Assessee is required to show its gross receipts as per 26AS and the bank statement in the Schedule BP of the ITR-4S. The above mentioned defective notice is generally received in case where there is gross receipts from any particular source in the Form 26AS and the same is not reflected in the Income Tax Return. Please fill up the schedule BP in line with the Form 26AS to avoid defective notice.

In respect of Question 2:-

For, A.Y. 2018-19 if the Assessee intends to follow presumptive taxation then ITR-4 is to be filed or else ITR - 3 is to be filed.

It's 3 should be used. Your total income in yes certificate should tally with income offered to tax

you have to file ITR 3 for commission income, thus prepare books of accounts and file ITR using ITR 3 Form.

Dear Sir,

You need to file ITR 3 for A.Y. 2016-17 & A.Y. 2018-19.

However, if you are opting Presumptive Taxation scheme then you can file ITR 4 for A.Y. 2018-19

Warm Regards,

Karishma Chhajer

you have shown income as under

insurance income as normal business income under the head of business income

professional fees is your have to shown u/s 44ADA

gross receipt Rs ______ @ 50 % minimum profit

you have to revise your income tax return

if u want we can handle whole of the your case and file your revise return

You need to file ITR 3.

Regards,

Nikhil.

Hi

Firstly, you cannot opt for presumptive taxation for commission income. This should be shown as business income only.

Further, there are special tax deductions available if your commission from insurance is less than Rs. 60000.

You need to use ITR 3 for filings.

Please share the copy of the notice for better response.

We may help you with return filing and submissions in response to the notice.

If profession fall under section 44AA then you can file ITR 4 but have to show isurance commission under other sources .check the gross receipt with form 26AS TDS amount carefully

Hi,

Insurance commission cannot be shown under section 44AD. It has to be shown under normal provisions of income tax act.

If your profession is under the list of eligible profession, then you can opt for presumptive taxation u/s 44ADA.

List of eligible professions:

1) Legal

2) Medical

3) Engineering or architectural

4) Accountancy

5) Technical consultancy

6) Interior decoration

7) Any other profession as notified by CBDT such as actor etc.

You should file ITR 3.

Dear Sir/Madam,

As you have Commission income along with professional fee it is advisable to fill ITR-3 for A.Y. 2018-19.

w.r.t defective notice received by you there might be an error wherein the gross receipts as per 26AS and as filled by you in ITR would reflect a mismatch.

We can help you file your returns for A.Y.18-19

Hi

Presumptive income scheme cannot be opted for Insurance commission income so you have to file Itr 3 .

For professional fees you can opt 44ADA provided your profession is listed in specified profession eligible for 44ADA.

Mismatch in Form 26AS and income reported in return may be one of the reason for notice .

Hope it help