CA. Abhilash Krishnan P (Chartered Accountant) (533 Points)
24 July 2013for a contract basis employee for whom the company is deducting tax under sec 194J which return should be filed by the employee to claim refund?????
Mihir
(Wealth Manager)
(5293 Points)
Replied 24 July 2013
Since there is no employer-employee relationship and TDS is deducted u/s 194J, I think ITR-4 will be applicable.
But wait for others to reply.
Supriyo Banerjee
(Executive Finance)
(181 Points)
Replied 24 July 2013
Yes ITR-4 is applicable ...but if u find ur income shows high value & u have to pay more tax...then go for "Presumptive Taxation Scheme" u/s 44AD and file return with ITR-4S (Provided u have to fullfill condition lying u/s 44AD) otherwise u can go with ITR-4.
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 24 July 2013
@ supriyo.. @ Mihir...but he is actually an employee on contract basis.. he is not exactly a professionaI to be eligible for ITR 4..and he has income below taxable limit...
CA Jainam Shah
(Chartered Accountant)
(190 Points)
Replied 24 July 2013
Use this software
Mihir
(Wealth Manager)
(5293 Points)
Replied 24 July 2013
If he is an employee, then the company should deduct TDS u/s 92B and not u/s 194J.
Thanks Mr. Jainam, thats a cool application.
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 24 July 2013
but shall we show it under income from other sources in ITR 1.. since already he has income below the taxable limit..and in ITR 1 also there are feilds to give TDS as per form 16A...
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 24 July 2013
@ swapnil.. please make it clear to what u agree??? i didnt get u
CA Swati Bhat
(Senior Accountant)
(39 Points)
Replied 24 July 2013
Even though it is under taxable limit,if TDS is deducted under 194J it means professional services are rendered which is under business and profession income.Such income cannot be shown in ITR-1 as income from other sources.
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 24 July 2013
CA Swati Bhat
(Senior Accountant)
(39 Points)
Replied 24 July 2013
Yes.ITR-4 is the right option for TDS deducted under 194J
CA. Abhilash Krishnan P
(Chartered Accountant)
(533 Points)
Replied 24 July 2013
Parag Prajapati
(Accountant)
(59 Points)
Replied 24 July 2013
If Income below taxable - 194D-insurance commission from ICICI Prudential , which ITR is applicable?
( Insurance Commission Rs.167299 & TDS deducted Rs.16740 )
Kunal Tayal
(Chartered Accountant)
(43 Points)
Replied 24 July 2013
| Originally posted by : Jainam Shah | ||
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Use this software |
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Jainam dont get too dependent upon this software, for the AY 13-14 if a Salaried Person is getting exempt allowances of more than Rs 5000, he needs to file ITR 2 but not ITR 1. Software ignores the same.
CAclubindia
