which Type of Form for Return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 One Case
He is a driver in a company as contractor not company employee. Company pay his amount after deducting TDS on Cont. i.e.1%.
1. Now please inform how to file his income tax return which form need to use for return?
2. How to calculate his Taxable Income
He is getting 14850/- after deducting tax 1%

In this any refund of tax or he need to pay more above to that

CA Navin Jain

CA Navin Jain (Expert)
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23 September 2010 ITR- 4, INCOME FROM BUSINESS

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 in this case any refund of tax or he need to pay more tax

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CA Navin Jain

CA Navin Jain (Expert)
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23 September 2010 FIRSTLY U MAKE THE PROFIT AND LOSS ACCOUNT AND U CAN CLAIM THE EXPENSES AGAINST INCOME THEN U CAN CLAIM THE REFUND

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 he is driver what expenses he will show

CA Navin Jain

CA Navin Jain (Expert)
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23 September 2010 CONVEYANCE EXP TELEPHONE EXP ETC.

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 sorry to disturb u
he is geting mobile reimbursement of 350/- p.m. as per agreement & conv. u talking about his daily conv. from home to office & office to home

CA Navin Jain

CA Navin Jain (Expert)
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23 September 2010 u can less the reimbursement amt from actual expenses

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Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 his total expense is 43440 p.a. incl con + mobil exp.
& his total income is 178200 p.a. after deducting TDS

diff. 134760

CA Navin Jain

CA Navin Jain (Expert)
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23 September 2010 considered gross income rs. 178200 add tds less expenses

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 PL

CON 35640 INCOME 178200
MOBIL 7800 TDS 1800
PROFIT 136560
180000 180000

CA Navin Jain

CA Navin Jain (Expert)
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23 September 2010 profit of rs. 136560 is below the trash hold limit of rs. 160000 so u can claim the refund

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Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 for him also Salary Taxalbe slab will be applicable
0 -160000 nil
160000-500000 10%

but in salary case we use ITR 1
for his case we use ITR - 4

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2010 please confirm