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Tax query

Sanket (Trainee) (181 Points)

22 December 2009

i am having a Tax return of A.Y 2009-10.The due date is over i.e 30-09-09.It is of MD of our company who has income of more than 10,00,000 (salary from company as a director).interest of 10,000.and nothing else.it has Ded U/Sec 80C of 100000 and mediclaim 33,000 and refund of 35000.What shall i do now? Do i need to file anthing except ITR 4 ? is my deductions allowed ?

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29 Replies

CA. Megha Topiwala (Job) (1534 Points)
Replied 22 December 2009

u can file return n ur deductions can b allowed...

1 Like

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Sanket (Trainee) (181 Points)
Replied 22 December 2009

THANKS ALOT

Shudhanshu Agrawal (Business) (2570 Points)
Replied 22 December 2009

There is no need to file ITR-4 in this case as the only way of income is salary. You can file ITR-1. Moreover due date is not 30-9-09, it was 31-07-09. Yes you can use deduction of Rs. 1,00,000 u/s 80C but pls give more detail of medical claim. You cannt utilise the refund of previous year in this year.

1 Like

CA.Tarun Maheshwari (CA, DISA) (7150 Points)
Replied 22 December 2009

Yes. You can file the ITR. But I think in your case the return shall be filed in Form ITR 1, which is for salaried employees, even if he is a director of the company. ITR IV is for business assessees. Further you can file the ITR upto 31.03.2010 without penalty and upto 31.03.2011 with penalty of Rs. 5000/-. You can claim all the deductions and refund. One more thing to be pointed out. The due date in your case should be 31st July 2009,. Please look into the matter carefully.

2 Like

rahul agarwal (CA FINAL STUDENT) (134 Points)
Replied 22 December 2009

Originally posted by : CA.Tarun Maheshwari
	Yes. You can file the ITR. But I think in your case the return shall be filed in Form ITR 1, which is for salaried employees, even if he is a director of the company. ITR IV is for business assessees. Further you can file the ITR upto 31.03.2010 without penalty and upto 31.03.2011 with penalty of Rs. 5000/-. You can claim all the deductions and refund. One more thing to be pointed out. The due date in your case should be 31st July 2009,. Please look into the matter carefully.

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CA GIRISH (Chartered Accountant) (1796 Points)
Replied 22 December 2009

thanks alot Tarun my boss is Md of the company AND OWNER ALSO (IN REAL SENSE).IF HE HAS NOT FILED THE RETURN YET AND HAS A LIABILITY TO PAY THE SAME WILL IT MAKE DIFFERENCE IN PROCEDURES AS U STATED FOR SANKET? What is the difference between ITR 4Â & ITR 1

CA GIRISH (Chartered Accountant) (1796 Points)
Replied 22 December 2009

guys what is the diff between ITR 1 & 4

CA.Tarun Maheshwari (CA, DISA) (7150 Points)
Replied 22 December 2009

ITR 1 is for Salary assessee, and ITR 4 is for Business assessees.

1 Like

CA GIRISH (Chartered Accountant) (1796 Points)
Replied 22 December 2009

HELLO TARUN SIR MAY I KNOW WHAT R D PROSPECTS OF DISA WHAT DOES AVERAGE SALARY HE GETS ?

CA.Tarun Maheshwari (CA, DISA) (7150 Points)
Replied 22 December 2009

Dear Girish, your boss is MD or not of the company does not make any difference. He is required to file ITR only if he is taking salary(Director remuneration) from the company, Or if e is getting any dividend from the company. Otherwise the company is required to file ITR, not its director.

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CA GIRISH (Chartered Accountant) (1796 Points)
Replied 22 December 2009

YES SIR HE IS DRAWING SALARY AS A DIRECTOR'S REMMUNERATION AND NOTHING ELSE ,HIS PERSONAL BANK A/C INTEREST NO HOUSE PROPERTY RENT.SO IN THIS CASE HE HAS FILED ITR4 LAST YEAR WHAT IS UR SAY ON THIS....????

CA.Tarun Maheshwari (CA, DISA) (7150 Points)
Replied 22 December 2009

If he has filed ITR 4, then its wrong. He was required to file ITR 1 only. Anyways, now he should keep silently, and if any query comes from department, then he can reply on this. He has just used a wrong form, other wise there was no mal intentions. So its not a big issue.

CA Gopal Soni (Chartered Accountant) (91 Points)
Replied 22 December 2009

u can file the return in ITR - 1... all deductions under chapter VI are permissible... but as return is not filled on due date...it becomes a BELATED RETURN...which can be filled earliest of following...1) one year from end of relevant assesment year i.e. till 31.03.2011 in ur case and 2) till the end of assessment..... u have to pay interest u/s 234A for not filling return on due date

Raghav (Student) (119 Points)
Replied 22 December 2009

Yes. You can file the ITR. But I think in your case the return shall be filed in Form ITR 1, which is for salaried employees, even if he is a director of the company. ITR IV is for business assessees. Further you can file the ITR upto 31.03.2010 without penalty (Known as Belated Return),and upto 31.03.2011 with penalty of Rs. 5000/-. You can claim all the deductions and refund. One more thing to be pointed out. The due date in your case should be 31st July 2009,.