Income from professional services
This query is : Resolved
17 July 2012
One of my client was in a job in Wipro. They have provided her form 16A and the TDS dedcuted is being shown under section 194J-Professional services, although she was in employment under Wipro. She told me that she was under contractual arrangement.
I wanted to know how to deal with this income in ITR 4?
I wanted to know how to deal with this income in ITR 4?
17 July 2012
In case of contractual professionals Section 194J is applicable. So, Wipro has correctly deducted the TDS.
Now, compute your income for the full year and if the TDS amount is higher than the tax payable, then apply for refund.
Now, compute your income for the full year and if the TDS amount is higher than the tax payable, then apply for refund.
17 July 2012
Yeah i got that..but what i wanted to ask was how to disclose this income in ITR 4..
I am e-filing the return and the excel utility has a number of sheets for income from business or professional services like details of P&L a/c and expenses incurred etc.
How do i deal with all this?
I am e-filing the return and the excel utility has a number of sheets for income from business or professional services like details of P&L a/c and expenses incurred etc.
How do i deal with all this?
17 July 2012
It is not necessary to fill all the fields if you are not preparing regular books of accounts and the turnover was below Rs. 15 Lacs.
In that case you are required to fill only a few details viz. total turnover, total expenses, debtors, creditors, etc. You need not fill all the sheeets.
This information is asked at the first sheet where you start filling the P&L A/c details. This is only for those assessees who are not maintaining regular books of accounts and turnover is within the prescribed limits.
Make sure that turnover is within limits. Else you will have to give the full details.
In that case you are required to fill only a few details viz. total turnover, total expenses, debtors, creditors, etc. You need not fill all the sheeets.
This information is asked at the first sheet where you start filling the P&L A/c details. This is only for those assessees who are not maintaining regular books of accounts and turnover is within the prescribed limits.
Make sure that turnover is within limits. Else you will have to give the full details.
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