If a person has salary income for 5 months and professional income for 7 months of a F.Y.
Then he should file return of income in which ITR Form?
kindly help
regds
neeraj
5 Replies
CA Ameya Anil Kulkarni
(9820430059)
(75 Points)
Replied 19 March 2012
In my opinion ITR 4 which is for business income (but includes salary income details as well)
Sonam Bidasaria
(CA)
(770 Points)
Replied 19 March 2012
Agree with Mr. Kulkarni......Assessee having salary income and PGBP income has to file ITR 4.
neeraj
(Service & Admin)
(108 Points)
Replied 20 March 2012
Thanks a lot for the reply
Just one more thing
Adding further info :
The person was working in a company and was drawing salary. Say for 5 months ( as mentioned before )
After that he resigned or retired and the company kept the person for 7 months on contractual basis for the job. The person is going office regularly 9-6 pm and getting monthly payment from the compnay after tds deduction.
Should he consider 7 month payment as professional income or can consider salary incomeor income from other sources.?
regds,
neeraj
Sonam Bidasaria
(CA)
(770 Points)
Replied 20 March 2012
Whether the company is deducting TDS u/s 192 or 194J?
Sonam Bidasaria
(CA)
(770 Points)
Replied 20 March 2012
As, the assessee is working just like an employee, the payment made to him will be in the nature of salary. However, if the Company is showing his service as professional service and deducting TDS u/s 194J, asseessee will also have to treat the income accordingly.
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