CA Ankit Agarwal (CA, CS) (693 Points)
24 July 2017For an income of Rs.5,10,000, TDS of Rs.51,000 has been deducted u/s 194J.(AY 17-18).
1. Is it necessary to show Rs.5,10,000 as Total Income? Or we can claim any expense out of it.
2.Which ITR Form needs to be used for filing such return of Income?
Thanks in Advance.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 24 July 2017
1. Yes....... expenses incurred for the generation of the income are deductible.
2. ITR 3....... or for eligible profession ITR 4
CA Ankit Agarwal
(CA, CS)
(693 Points)
Replied 24 July 2017
Thank you Sir.
One more question- Can the return be filed in ITR-4 under the provision of Sec 44ADA.
The assesse is an engineer, working in a company. But the company is not treating the payments made to him as salary. Rather it has shown the payments made to him as consultancy fee and deducted TDS u/s 194J @ 10%.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 24 July 2017
Yes, Engineers can declare their consulting fees under section 44ADA.
vikash dwibedi
(Finance)
(160 Points)
Replied 24 July 2017
sandeep porwal
(16 Points)
Replied 26 July 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 27 July 2017
ITR 3 can be used in two different options......... With accounts maintained or without accounts as under presumptive assessment.
For you, when you adopt section 44ADA........ no need to fill BS & P&L account in full, but only Sr. 6 of BS & sr. no. 53 a,b..... of P & L acc.
Here gross receipts and gross profits are to be filled as actual, while nett profit u/s. 44ADA should not be less than 50% of GR.
sandeep porwal
(16 Points)
Replied 27 July 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 27 July 2017
Choose option 'NO' for applicability of tax audit u/s. 44AB and of maintaining of accounts as per sect. 44AA.......... in 'General' Schedule
sandeep porwal
(16 Points)
Replied 27 July 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 27 July 2017
Check ................. as extracted from the ITR 3 ...............
(b) If revised/Defective/Modified, then enter Receipt No. and Date of filing original return DD/MM/YYYY) / /
(c) If filed, in response to a notice u/s 139(9)/142(1)/148/153A/153C enter date of such notice, or u/s 92CD enter date of advance pricing agreement / /
(d) Residential Status (Tick) o Resident o Non-Resident o Resident but Not Ordinarily Resident
(e) Whether any transaction has been made with a person located in a jurisdiction notified u/s 94A of the Act? o Yes o No
(f) Are you governed by Portuguese Civil Code as per section 5A? Tick) þ o Yes o No (If “YES” please fill Schedule 5A)
(g) Whether this return is being filed by a representative assessee? (Tick) þ o Yes o No If yes, furnish following information -
(1) Name of the representative
(2) Address of the representative
(3) Permanent Account Number (PAN) of the representative
(h) In case of non-resident, is there a permanent establishment (PE) in India? (Tick) þ o Yes o No
AUDIT INFORMATION
(a) Are you liable to maintain accounts as per section 44AA? (Tick) þ o Yes o No
(b) Are you liable for audit under section 44AB? (Tick) þ o Yes o No
(c) If (b) is Yes, whether the accounts have been audited by an accountant? (Tick) þ o Yes o No
If Yes, furnish the following information below
(1) Date of furnishing of the audit report (DD/MM/YYYY) / /
GAURAV
(Professional)
(22 Points)
Replied 15 May 2018
I am working as recovery agent for banks and filed my itr for the ay 17-18 under section 44ad, but received a communication from cpc that as my 26as showing tds u/s 94j (prof & tech services) hence have to file this itr u/s 44ada and to show 50% else go for tax audit.
is it ok or I may file my revise itr in form 3 with balance sheet or any other way.
any suggession pls.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 15 May 2018
Everything is based on business code........ even though TDS may be deducted u/s. 194J.
Now if 50% margin acceptable, without much tax liability, than accept the change......
Or disagree the changes (based on your code), may be by revising it with ITR 3.
SHWETA
(TAX CONSULTANT)
(38 Points)
Replied 18 May 2018
| Originally posted by : Dhirajlal Rambhia | ||
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Hello Sir What to Do if 194J income is shown under Income from other sources In ITR 4 for AY 2017-18. now deptt. wants to show under 44ADA ... can we file it by revising the return ?
CAclubindia
