Defective Return ITR-4
This query is : Resolved
13 August 2024
You have filed your income-tax return in form ITR-4. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194S/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94S/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-4 is not the appropriate form.
TDS is deducted under section 194I(a) for rent of plant & machinery. I have shown this income under the head INCOME FROM OTHER SOURCES. I am also showing rent from leasing good carriages under section 44AE and hence ITR-4 was being filed.
TDS is deducted under section 194I(a) for rent of plant & machinery. I have shown this income under the head INCOME FROM OTHER SOURCES. I am also showing rent from leasing good carriages under section 44AE and hence ITR-4 was being filed.
13 August 2024
The defect can be removed by filing ITR 3.
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13 August 2024
So ITR-3 can also be filed in case of presumptive income ?
13 August 2024
Yes. along with Rental income of plant and machinery
13 August 2024
And the Rental income of P&M is to be shown under the head Income from other sources right sir ?
13 August 2024
No, that is the reason for defect. Declare it under Schedule HP.
13 August 2024
not sure if this is the correct position. Time and again it has been held that the rental income received against Plant and machinery has been taxed under income from other sources.
13 August 2024
most probably issue here is that ITR-4 cannot be used for income from other sources except for the following categories:
Interest from Savings Account
Interest from Deposit (Bank / Post Office / Cooperative Society)
Interest from Income Tax Refund
Family Pension
Interest received on enhanced compensation
Any other Interest Income (e.g., Interest Income from Unsecured Loan)
So the issue here is the choice of return. Not the head of income.
Interest from Savings Account
Interest from Deposit (Bank / Post Office / Cooperative Society)
Interest from Income Tax Refund
Family Pension
Interest received on enhanced compensation
Any other Interest Income (e.g., Interest Income from Unsecured Loan)
So the issue here is the choice of return. Not the head of income.
13 August 2024
I just filed the corrected return (ITR-3) showing Rental income of P&M under the head Income from other sources and rest of the business income under presumptive scheme. Let's see.
13 August 2024
it should go through normally..
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