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Which itr form to use for my annual return

soumitra banerjee (accountant) (24 Points)

31 August 2016

I am a 61 years old male person. After retiring I have taken up a job where I am paid every month after deducting 10% TDS u/s 194J (Professional) although I do not hold any professional degree and I do not work as a professional. Apart from this my only other source of income is quarterly interest from Bank Fixed Deposits and the small amount of PF Pension per month.

Which ITR form should I use now for my Annual Returns ? Some say ITR 4 while others say ITR 2. I am totally confused. Please advise.

Regards,

S.Banerjee

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8 Replies

Manoj BG (Tax Professional and in Service) (1795 Points)
Replied 31 August 2016

ITR 4 as you are earning business income

Bharath (C.A,C.S) (3983 Points)
Replied 31 August 2016

Hi Sir,

If you have entered into a contracutal arrangement with your company in the capacity of an Employee-Employer relation, then you can simply file ITR1 Sahaj in the IT portal. No need to file any other complex ITR's. This will suffice the requirement as you are not running any profession on your own.

ajay (Student) (178 Points)
Replied 31 August 2016

Dear sir,

if we enter into contractual agreement in the capacity of employee then tds has to be deducted under 192 as specified there in.

since the tds was deducted under section 194j the same has to be treated as professional income.

Will you please clarify me how itr1 can be filed rather than itr4 in this case

Regards,

Ajay

1 Like

Ashok Thammineni (Accountant) (34 Points)
Replied 31 August 2016

ITR - 4 Is correct

Bharath (C.A,C.S) (3983 Points)
Replied 01 September 2016

No, it is not mandatory to show it as Business/profession Income and use ITR 4

You can show it as Income from other sources .In such a case, you can file ITR 1.

You can even claim all elgible expenses as deduction except for depreciation and in your case, it wont make sense too. So you can go ahead with ITR 1 and avoid the complex ITR4.