I have given my financial statement to my friend (Who is also a CA) to file my income tax return. He file return using form ITR-4. Earlier i was using ITR-1.
I have following source of income.
1. Income from Salary from employer. 2. FD interest. 3. Income from other part time work(accouting work, website designing & other income). 4. Short term capital gain in NSE, BSE & MCX.
Is it correct to file using ITR-4 ?
Also, i have not filled my ITR for F.Y. 2013-14, Can i file it now ? if yes, then what is the last date of filling?
And what is the penalty amount? (my income is not taxable).
08 June 2017
One of our employee want to submit her income tax saving proofs.
She has some polivies in the name of her husband and her husband pay the amount for the polices.
Now, she want to clain under 80C again this documents.
She is saying my husband will not calim for this.
Can she claim for this? If yes, should i take any declaration from her saying that her husband will not claim for this.
I am repeating, policies neither on her name nor she had paid. Policies are in the name of her husband and hed husband paid for this. on policy receipts her name husband name mentioned saying that received from HIM.
08 June 2017
One of our employee want to submit her income tax saving proofs.
She has some polivies in the name of her husband and her husband pay the amount for the polices.
Now, she want to clain under 80C again this documents.
She is saying my husband will not calim for this.
Can she claim for this? If yes, should i take any declaration from her saying that her husband will not claim for this.
I am repeating, policies neither on her name nor she had paid. Policies are in the name of her husband and hed husband paid for this. on policy receipts her name husband name mentioned saying that received from HIM.
02 August 2024
### **1. Filing ITR-4 for Your Income**
Based on the sources of income you have mentioned, here’s an analysis of whether ITR-4 is appropriate:
**a. **Income from Salary:** - **ITR-4:** This form is not suitable for individuals with salary income. Instead, you should use ITR-1 for salary income.
**b. **FD Interest:** - **ITR-4:** Not suitable. Interest income from FDs is reported in ITR-1.
**c. **Income from Other Part-Time Work:** - **ITR-4:** If this income is derived from freelance or professional work (such as accounting work or website designing), ITR-4 may be appropriate.
**d. **Short-Term Capital Gains (STCG):** - **ITR-4:** ITR-4 can be used to report STCG from equity shares or other securities. However, if you have salary income, you should use ITR-2.
**Conclusion:** Given that you have salary income and FD interest, **ITR-2** would be the correct form for you. ITR-4 is generally used by individuals and HUFs with income from business or profession.
### **2. Filing ITR for FY 2013-14**
**a. **Late Filing:** Yes, you can file ITR for FY 2013-14 even now. You can file it as a belated return.
**b. **Last Date:** - For FY 2013-14, the last date for filing a belated return was usually the end of the relevant assessment year plus one year. Therefore, you should have filed it by March 31, 2015. However, belated returns can still be filed, and it’s advisable to do so as soon as possible.
**c. **Penalty Amount:** - **Section 271F:** If you are filing a return after the due date, the penalty under Section 271F is ₹5,000. However, if your income is below the taxable limit, the penalty may not be applicable. Confirm the exact penalty with the tax authorities or a tax advisor.
### **3. Expenses and Fixed Assets**
**a. **Expenses (Mobile Bill, Lunch, Dinner, etc.):** - **ITR-4:** If you are reporting income under a profession or business, you can claim expenses that are related to earning that income. Personal expenses like lunch and dinner generally cannot be claimed unless they are directly related to your business activities.
**b. **Fixed Assets (Mobile Phone, Laptop, etc.):** - **ITR-4:** You can claim depreciation on fixed assets used for business or profession. If you purchase a mobile phone or laptop for your business, you can treat these as fixed assets and claim depreciation.
### **4. Claiming 80C Deductions for Policies**
**a. **Policy in Husband’s Name:** - **ITR Filing:** If the policies are in your husband’s name and he pays for them, the deductions under Section 80C can be claimed by the policyholder (your husband).
**b. **Claim by Employee:** - **Eligibility:** Your employee cannot claim deductions for policies paid by her husband, as the policies are not in her name. - **Declaration:** It's good practice to get a declaration from the employee stating that she is not claiming this deduction, ensuring no overlap or duplication of claims.
### **Summary:**
1. **Form to Use:** Given your income sources, **ITR-2** is appropriate, not ITR-4. 2. **Filing Late Returns:** You can file a belated return for FY 2013-14; penalties apply but may not be relevant if income is below taxable limits. 3. **Expenses:** For business, only expenses related to business can be claimed. Fixed assets can be depreciated. 4. **80C Deductions:** Policies should be claimed by the person whose name is on the policy.
For accurate and personalized advice, especially regarding the penalty and specific details of your tax situation, consulting with a tax advisor or CA is recommended.
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