Itr -4s form filling
This query is : Resolved
26 June 2019
WHAT SHOULD I FILL UP IN BUSINESS NAME COLUMN IN ITR4S. I DO NOT HAVE BUSINESS. BUT I GET PAID AS A CONSULTANT FROM A STRUCTURAL ENGINEERING DESIGN FIRM FOR WHOM I WORK AS A CONSULTANT AND 10% TDS IS DEDUCTED BY MY EMPLOYER FIRM.
THE SUB HEAD IS ENGINEERING AND TECHNICAL CONSULTANCY
THE SUB HEAD IS ENGINEERING AND TECHNICAL CONSULTANCY
26 June 2019
PUT YOUR OWN NAME......................
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26 June 2019
Thanx Sir. I have another query. I prematuredly withdraw my Fd in Vijaya bank in april. They paid me 22500/- as interest after penalty.But in form 26 As they are showing 29002/- as interest. they informed me that the difference is decucted as tax and will reflect in fy 19-20. How then would i be able to claim refund for this TDS in my next return fy 19-20 . where there will not be any income against vijaya bank TDS deducted in form 26AS
24 July 2020
I have found my prevous F Ys years form 26 AS updated with adding "section E" wherein some very high figures > 10L is shown by Bank/s. what are these figures. what do they indicate and what should be done about it by a tax payer. The figure obviouly is a cumulative figure of bank transactions. But unclear as to which particular transactions. one more column says mix or cash. please explain in details so it could be shared amongst my friends and well wishers. Also it will help the general public qat large. Thanks in Advance.
02 August 2024
### Filling ITR-4S for a Consultant
**1. Business Name Column in ITR-4S:**
- **Business Name Column**: If you are a consultant but not running a formal business, you might face confusion about filling in the business name column. In the case of **ITR-4S**, which is designed for small businesses under presumptive taxation schemes, you typically would not need to fill this if you are not operating a formal business or profession.
**For Consultants:**
- Since you are working as a consultant and receiving payments with TDS deducted, your income is not necessarily classified as "business income" under ITR-4S. You should file using **ITR-3** or **ITR-1** (if you do not have business income and your total income is within the limits).
**In ITR-4S**:
- If you are incorrectly using ITR-4S for consultancy income, you might face issues. It's better to use **ITR-3** if you have professional income and are reporting TDS deductions.
**2. TDS and FD Interest Discrepancy:**
- **FD Interest Discrepancy**: You mentioned that you received ₹22,500 as interest on premature FD withdrawal, but Form 26AS shows ₹29,002. The difference is likely the tax deducted by the bank.
**Handling the TDS Difference:**
- In **FY 2019-20**, you will file your return and claim the TDS reflected in Form 26AS. Even if there's no other income from the bank in that year, you can still claim a refund for the TDS deducted.
- **In ITR-1 or ITR-3**:
- **Income Section**: Report the interest income you actually received.
- **TDS Section**: Enter the TDS amount as shown in Form 26AS.
- **Refund Claim**: The tax department will process the refund based on the TDS details provided.
**3. Section E in Form 26AS:**
- **High Figures in Section E**:
- Section E of Form 26AS typically includes high-value transactions, such as deposits, withdrawals, and other significant transactions reported by banks under the **Reporting of High-Value Transactions** scheme.
**Explanation and Action:**
- These figures are reported by banks and other financial institutions for transactions that exceed specified thresholds.
- **Action**: Ensure that these transactions are accurately reported in your income tax return. You may need to match these with your records.
**Details to Look Out For:**
- **Mix/Cash Column**: This indicates whether the transactions were done through cash or other modes like bank transfers.
- **What to Do**: If any discrepancies or issues are noticed, check with your bank or financial institution for clarification.
### Summary and Next Steps:
1. **Consultancy Income**: Use ITR-3 or ITR-1 for filing if you are not running a business, and ensure you use the correct form according to your income type.
2. **FD Interest and TDS**: Report the actual income received and claim TDS as per Form 26AS in the relevant financial year. You will get a refund if TDS exceeds the tax liability.
3. **Form 26AS Section E**: Review high-value transactions carefully. Ensure accurate reporting in your return and address any discrepancies with your bank.
If you still have doubts or need help with the specifics, consulting a tax professional can provide personalized guidance.
**1. Business Name Column in ITR-4S:**
- **Business Name Column**: If you are a consultant but not running a formal business, you might face confusion about filling in the business name column. In the case of **ITR-4S**, which is designed for small businesses under presumptive taxation schemes, you typically would not need to fill this if you are not operating a formal business or profession.
**For Consultants:**
- Since you are working as a consultant and receiving payments with TDS deducted, your income is not necessarily classified as "business income" under ITR-4S. You should file using **ITR-3** or **ITR-1** (if you do not have business income and your total income is within the limits).
**In ITR-4S**:
- If you are incorrectly using ITR-4S for consultancy income, you might face issues. It's better to use **ITR-3** if you have professional income and are reporting TDS deductions.
**2. TDS and FD Interest Discrepancy:**
- **FD Interest Discrepancy**: You mentioned that you received ₹22,500 as interest on premature FD withdrawal, but Form 26AS shows ₹29,002. The difference is likely the tax deducted by the bank.
**Handling the TDS Difference:**
- In **FY 2019-20**, you will file your return and claim the TDS reflected in Form 26AS. Even if there's no other income from the bank in that year, you can still claim a refund for the TDS deducted.
- **In ITR-1 or ITR-3**:
- **Income Section**: Report the interest income you actually received.
- **TDS Section**: Enter the TDS amount as shown in Form 26AS.
- **Refund Claim**: The tax department will process the refund based on the TDS details provided.
**3. Section E in Form 26AS:**
- **High Figures in Section E**:
- Section E of Form 26AS typically includes high-value transactions, such as deposits, withdrawals, and other significant transactions reported by banks under the **Reporting of High-Value Transactions** scheme.
**Explanation and Action:**
- These figures are reported by banks and other financial institutions for transactions that exceed specified thresholds.
- **Action**: Ensure that these transactions are accurately reported in your income tax return. You may need to match these with your records.
**Details to Look Out For:**
- **Mix/Cash Column**: This indicates whether the transactions were done through cash or other modes like bank transfers.
- **What to Do**: If any discrepancies or issues are noticed, check with your bank or financial institution for clarification.
### Summary and Next Steps:
1. **Consultancy Income**: Use ITR-3 or ITR-1 for filing if you are not running a business, and ensure you use the correct form according to your income type.
2. **FD Interest and TDS**: Report the actual income received and claim TDS as per Form 26AS in the relevant financial year. You will get a refund if TDS exceeds the tax liability.
3. **Form 26AS Section E**: Review high-value transactions carefully. Ensure accurate reporting in your return and address any discrepancies with your bank.
If you still have doubts or need help with the specifics, consulting a tax professional can provide personalized guidance.
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