PARKASH (Student CA Final ) (126 Points)
18 March 2016I HAVE INCOME FROM (1) INTEREST ON FIXED DEPOSIT (ON WHICH TDS HAS BEEN DEDUCTED BY BANK ) AND (2) INCOME FROM BEAUTY PARLOUR SERVICES . I WANT TO CLAIM REFUND OF TDS ON INTEREST. WHICH FORM OF ITR SHOULD I USE ? . CAN I USE FORM ITR 4S FOR PROFESSION OF BEAUTY PARLOUR ? CAN I USE ITR 1 IN WHICH I SHOW MY BOTH SOURCE OF INCOME MENTION ABOVE AS INCOME FROM OTHER SOURCES .
PLS REPLY ME AS SOON AS POSSIBLE.
THANKS IN ADVANCE.............
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 18 March 2016
ITR-4 is appropriate form for filing Income tax return. ITR-4S is for those who offer for Presumptive Income u/s.44AD. But you can not offer such income u/s.44AD as it come under the definition of Profession u/s.44AA which is not eligile assessee for section 44AD. ITR-1 is for those who are having Income from salary and Income from other sources not exceeding Rs. Ten Thousand being Interest on Savings account but not Fixed Deposit Interest and not having Income from Business or Profession. Hence you can not file ITR-1 or ITR-4s and ITR 4 is appropriate form
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