Filling of income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2014 Sir,
My friend is a salaried person .Company deduct TDS from salary and my friend have also professional and technical income from other two companies and these company also deduct TDS from Fee.Now ITR 4 should be filled for refund of TDS but in ITR form 4 where i have to entered these income from Professional and Technology fee.

Please help me to find a solution .

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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14 March 2014 If your friend is full time employee then such professional and technical service shall be his part time job means it is other income to your friend, so Fill it at the schedule OI(Other Income) and fill Schedule form 16A.

If your friend is part time employee or not a regular employer then such professional and technical service shall be his main activity and regular income, fill it at Schedule BP and fill schedule form 16A.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2014 Thank you sir .The income my friend gain is as a chief guest and institute paid him fee after deducting the TDS and in 2nd institute my friend gain income as a lecturer and fee he received after deducting TDS by Company.
I am unable to understand that in which way i show income in ITR Form 4 in schedule BP.Balance Sheet and P/L account should be prepaid or any other way. Please tell m in brief . regards

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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15 March 2014 As per my view it is better to fill it at schedule BP, means considering as professional income,

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2014 dear sir, my friend earned income from salary 45050 and he quit the job same year and he earned income as a lecturer and as a chief guest 356500.Now please help me to file a legal return .where should i entered the amount in ITR 4 .Please send me excel format .

regards

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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16 March 2014 provide Your email id to send excel format of return form.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2014 dear sir,
vinicore84@gmail.com

regards

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2014 dear sir,I am excited to know how this return should be filled.

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Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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16 March 2014 I mailed you return form 4 for your requirement please observe that,my assumptions also indicated in such mail. Please confirm me the receipt of mail.

OM SAI SRI SAI JAI JAI SAI

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2014 dear sir ,
sir you entered 1,50,000 as a gross receipt but the receipt is 3,56,500.so please tell me how you calculate the gp of professional fee.

regards

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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17 March 2014 The rs.1,50,000 is only my assumption,because of first you didn't provided about professional fees income but to fill in ITR required compulsory numerical value so i assumed it, i already said my assumption in my mail.

However you are saying gross receipts is Rs.3,56,500 so in the palace of Rs.1,50,000 fill Rs.3,56,500 and if any expenditure incurred to earn such professional income then such expenditure amount fill in the palace of Rs.50000(i provided in return form sent you earlier(at expenditure column)).

Note: i provided return form as no books of accounts maintained.

But according to the section 44AA if the gross receipts of professionals exceeds Rs.1,50,000 is required to maintain regular books of accounts.so in your case required to maintain regular books of accounts means required to having of P&L account and balancesheet. if books maintained then has to fill schedule P&L and Schedule BS in the return form instead of options filled by me earlier.

OM SAI SRI SAI JAI JAI SAI