Filing of ITR 4 instead of ITR 1
This query is : Resolved
25 June 2022
Sir,
I have filed my Income tax return for the FY 2016 - 17 and 2017 - 18 tru ITR 1 since I was
employed. Later on, I came out of my employment and currently I am free lance Insurance agent and I am doing it on Commission / Incentive basis. Not a regular employee.
For the past 3 years, I did not file ITR since my income was within the threshold limit. But this year ( FY 21 22), my income has crossed basic exemption limit and also, there is TDS amount deducted from me, which I have to get refund.
Since I am not a regular employee now, can I switch over from ITR 1 to ITR 4 ? Is this form acceptable for those who get Commission / Incentive income ?
Pls. Advice.
I have filed my Income tax return for the FY 2016 - 17 and 2017 - 18 tru ITR 1 since I was
employed. Later on, I came out of my employment and currently I am free lance Insurance agent and I am doing it on Commission / Incentive basis. Not a regular employee.
For the past 3 years, I did not file ITR since my income was within the threshold limit. But this year ( FY 21 22), my income has crossed basic exemption limit and also, there is TDS amount deducted from me, which I have to get refund.
Since I am not a regular employee now, can I switch over from ITR 1 to ITR 4 ? Is this form acceptable for those who get Commission / Incentive income ?
Pls. Advice.
25 June 2022
ITR 4 not acceptable for commission income. File ITR 3.
25 June 2022
Thank you so much Sir.
25 June 2022
Thank you so much Sir.
25 June 2022
ITR 1 is only applicable for salaried taxpayers along with other sources.
ITR 4 is applicable in case you will report the income under the presumptive scheme. Commission income cannot be reported under the presumptive scheme.
So you will be required to file ITR 3.
ITR 4 is applicable in case you will report the income under the presumptive scheme. Commission income cannot be reported under the presumptive scheme.
So you will be required to file ITR 3.
25 June 2022
Thank you Experts for your kind advice.
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