27 July 2012
Dear sir, one of my friend he is working in a company, but at the time of joining, the company didn't tell him, that they are keeping him as a consultant & they deducted tds @ 10% on profession for 4 to 5 months. now he want to refund of tax because his salary ( is not more than 7000 per month & his total income not over than taxable income ) company has already deducted 2500 to 3000 tds on his service ) now my query is, is he has to file ITR 4 or he can file ITR1 for his refund if he files ITR4 than in this case how he will fill the detail, means there is no capital , assets etc which required for filling itr 4
27 July 2012
For filing ITR for income from business/profession you have to prepare BS. If no cash is left, then it should be shown as drawings in BS and fill teh appropriate form accordingly
CAclubindia
