Sanjit (not applicable) (119 Points)
30 July 2017I have earnings from the following heads of income
- salaries
- part time lectures at institutes for whih i get paid on an hourly basis and TDS is deducted on the same
- income from oter sources such as interest on Term deosits
For the AY 2017-18 which ITR is intended for a taxpayer like me?
Thanks
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 July 2017
Himanshu Rupela
(Student CA IPC / IPCC)
(451 Points)
Replied 30 July 2017
Sanjit
(not applicable)
(119 Points)
Replied 30 July 2017
So i can claim the 50% presumtive income benefit if i use ITR 4 as my turnover is less than 50 lahks and i am not covered by section 44AA91)
Kiran. S
(CTO)
(745 Points)
Replied 30 July 2017
if TDS is cut u/s 194j then you have to file ITR-3 or 4. But ITR-3 is simple if you dont have two houses. If part time lectures- TDS is cut u/s 192 then file ITR-1
In short
a) File ITR-1 if Lectures TDS is deducted u/s 192 and one House
b) File ITR -2 if Lectures TDS is deducted u/s 192 and two Houses
c) File ITR -3 if Lectures TDS is deducted u/s 194j and one House
d) File ITR -4 if Lectures TDS is deducted u/s 194j and two Houses
I hope this is clear
Sanjit
(not applicable)
(119 Points)
Replied 30 July 2017
Thank you all for the answers
I have a last query?
Can I use ITR form 4S?
Kiran. S
(CTO)
(745 Points)
Replied 30 July 2017
ITR-4S is discontinued from this AY - It is not valid for FY-2016-17 (AY2017-18)
ITR-3 Sugam has replaced it.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 July 2017
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 30 July 2017
Kiran. S
(CTO)
(745 Points)
Replied 30 July 2017
Sorry - It is ITR-4 Sugam which is for Presumptive Income from Biz and Profession.
Sanjit
(not applicable)
(119 Points)
Replied 30 July 2017
Sir
I am a lecturer with a college.
On my day off i work at another college giving lectures for which i am paid on an hourly basis subject to a 10% TDS.
Please advise most correct course of action for me!
Thanks
Sanjit
(not applicable)
(119 Points)
Replied 30 July 2017
Sir
I am a lecturer with a college.
On my day off i work at another college giving lectures for which i am paid on an hourly basis subject to a 10% TDS.
Please advise most correct course of action for me!
Thanks
Kiran. S
(CTO)
(745 Points)
Replied 30 July 2017
It is advantageous to show professional fees rather then show in other income
Firstly TDS is deducted u/s 194J.
If you take professional fees as other income than IT dept will ask you for further income shown in 26AS against 194J.
Even if TDS was not deducted it is advantageous.
Suppose you come under 20% bracket
Let us say your Professional fees is 1 Lakh plus salary.
Your presumtive income is 50k only while in other income you have to take full 1 lakh.
In ITR_4S you will be taxed on salary plus 50k and you can claim TDS u/s 194J.
In ITR-1 you will be taxed on salary plus 1 lakh and you cannot claim TDS u/s 194J more over you will get notice for filing wrong ITR
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 31 July 2017
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