Itr

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 July 2014
I have worked a construction co. as company payroll basis since 28th Feb'2014, I have resigned from the company and I have jointed one company on 3rd March'14 as consultant against purchase order basis.Previous company has provided me Form 16 (From April'13 to Feb'14) and current company has provided me Form 16A.(Only March'14) Please advise me which one I will select the ITR for my return. (ITR 1,or ITR 4) Please reply me.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

28 July 2014 The income from consultancy is taxable under the head income from business or profession.

So you will have to file either ITR 4 or ITR 4S depending on the nature of consultancy.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

28 July 2014 Since you have also earned Professional Income you need to file ITR4.

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2014 Thanks for your reply.
I understand that it is suitable of my case to file return in ITR4S,because I am having Form-16 and also Form-16A (Form 16 has issued to me by previous co.where I was working as company permanent employee from (1st April'13 to 28th Feb'14). I have been working as accountant on contract employee from 2nd March'14 I have raised a bill to my company in every month. They have been deducted TDS @ 10%. So, company has issued 16A for the month of March'14 (F.Y2013-14) Please advise me,ITR4S is suitable for me.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

29 July 2014 No. ITR4 should be filed. ITR4S not applicable for professionals. As Section 44AD specifically mentions the word business, therefore section cannot be applied in case of professionals.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

09 August 2014 Since TDS has been deducted @ 10% it must be u/s 194J (TDS on professional)

In that case you have to file ITR 4, because PROFESSIONALS CANNOT file ITR 4S.