Rani (None) (266 Points)
08 July 2024Hello,
A person worked in a firm for 6 months as a trainee for Rs.15000/- per month. 1% of remuneration was deducted as TDS. AIS entry is business receipts, 26 AS has tax deducted details.The person has Rs 9500 as dividend and bank interest. LTCG of 170000/-.
Which ITR should the person file? Total income is less than Rs.300000/-.
Thanks in advance.
Rani
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(165262 Points)
Replied 08 July 2024
File ITR 3 with sec. 44AD of IT act.
CA Aakarsh Jain
(CA)
(10318 Points)
Replied 08 July 2024
Rani
(None)
(266 Points)
Replied 08 July 2024
Thank you Sir. If the person does not file ITR (since total income is less than Rs.300000/-) what would be the implications other than losing his refund?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(165262 Points)
Replied 08 July 2024
A query will be raised based on AIS data, which you will have to reply stating the reason for not filing return.
Rani
(None)
(266 Points)
Replied 08 July 2024
Sir, One more clarification. TDS is deducted under 194 C.
so, ITR is 3 with sec 44 AD?
Thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(165262 Points)
Replied 08 July 2024
Yes, that is why suggested sec. 44AD, being easier to file.
CAclubindia
