A person is being employed on contract basis. His employer deducts TDS u/s 194 J Which ITR he will use ?
10 Replies
Shubham Shaily
(126 Points)
Replied 30 November 2020
Could you please tell as to where to fill the income receipts?
ayusmita
(Tax consultant)
(5885 Points)
Replied 30 November 2020
Itr 3 or 4 depends upon the source of income you get
did you get form 16 from your employer
can you elaborate more
did you get form 16 from your employer
can you elaborate more
prasad Nilugal
(3914 Points)
Replied 30 November 2020
He will get from 16A , as he is not employee , prepare P&L and Balance sheet , check out 26AS
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 30 November 2020
1) Income will be form Business & profession , ( He is on contract no employer & employee relation )
2) Total amount received - total expense incurred for the purpose of earning this income
( expense with documentary evidence ) personal expense not allowed as an expense
3) ITR3 / ITR4 check out .
Shubham Shaily
(126 Points)
Replied 02 December 2020
receiving 60,000 pm and TDS is deducted u/s 194 J
Will ITR 4 be the correct return ?
There is no other source of income, will it be shown under Section 44ADA in ITR 4?
Shubham Shaily
(126 Points)
Replied 02 December 2020
If it shown u/s 44ADA in ITR 4, then 50% of receipts will be treated as income In that case, still there is a need to maintain the documentary evidence of expense?
Total annual income = 60,000*12=720000, in this case 360000 will be offered as income.
Is this the correct approach?
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 02 December 2020
What is your profession ?. Are you filing ITR for F.Y 2019-20 ?.
ayusmita
(Tax consultant)
(5885 Points)
Replied 02 December 2020
Itr 4 is ok you can take 50% as pressumetive as per your proffession which I don't
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