Fixed deposit

Dear Sir,

If FD is out of taxable income, there is no need to worry about it.

Which form are you filing and what is the nature of income?

Please feel free to revert in case of any issues.

Thanks and Regards

Abhishek Dugar

CA CS B.Com

ITR 4s is not applicable for commission income? You have to fill ITR 4.

Please feel free to revert in case of any issues.

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Dear Sir,

Today is the last date for filing return of income for FY 2014-15 and FY 2015-16.

If you have not maintained any books of accounts and then you may end up paying tax on entire commission income. Please try to prepare a P&L with your memory and bank accounts.

Please feel free to call us in case you want to discuss this in detail

Thanks and Regards

Abhishek Dugar

CA CS B.Com

You need to justify source of fund for creating deposit of Rs. 30 Lacs in your ITR and offer income earned on this deposit for tax.

Hi,

Section 44AD is not applicable for Commission Income. You can claim reasonable amount as expenses and file Returns in Form ITR-4 for FY 2015-16.

You have time till 31-Mar-2018 to file the Returns of FY 2015-16.

Hi

I understand that you have not offered to tax any of the commission income. You have missed the deadline to file the return for FY 14-15. However, return for FY 15-16 can be filed till 31 March 2018. You may prepare financial statements based on your bank statements and any other documents available.

Commission income will be taxed as business profits and you can claim deduction of any expenses that you have incurred to earn such income.

Interest income from the FD will be taxed as income from other sources.

Regards

Keerthiga Padmanabhan

M.Com., CA, LLB

During Fy 14-15 the income is FD interest income which is to be shown in ITR.

During Fy 15-16 the income is FD interest plus Commission income to be shown in ITR.

Show commission in income from other sources

And claim deductions/expenses if any from commission income ITR 2 can be filed.

Sir first we need to find that the extra amount made as FD was current year income or not. If it is current year income then you need to pay tax on the same and make FD. Then there will not be any problem.

No need of maintaining Books .Only details like Gross Receipts, Expenses if maintained are enough

Hello Sir,

You will obviously have to show the department the source of the funds thus acquired which shoots up your FD balance by almost 22 lac rupees. I suggest you to prepare and keep ready your clarifications for the same.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP