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Sethuraman (Querist)

03 June 2019 I am a Consultant working only for one company. I wont come in company payroll. I provide bill every month and get my remuneration. I am senior citizen and having an exemption certificate of Rs. 300,000

Which ITR form I should use? pls guide me

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 June 2019 If you are professional eligible to claim benefit under section 44ADA file itr 4 else file itr 3.

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Sethuraman

Sethuraman (Querist)

03 June 2019 Will TDS be deducted my employer when i follow persumptive tax scheme?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 June 2019 If 194J TDS is deducted you can opt for presumptive scheme.

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Sethuraman

Sethuraman (Querist)

03 June 2019 Suppose my remuneration is Rs 400,000 per year and I opt for persumptive taxation, then my total income u/s 44ADA will be Rs 200,000 which is within taxable limit. Hence no TDS should be deducted by Employer. Am I right ? Pls correct me if wrong.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 June 2019 You are not right for consultant 10% TDS applicable if payment exceed 30000.

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Sethuraman

Sethuraman (Querist)

04 June 2019 So in the above case my income is within the taxable limit and tds has been already deducted as amount exceeded 30,000 (Rs. 400000*10% = 40,000) hence I can claim refund of my tds paid Rs. 40,000.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

04 June 2019 Yes file ITR and claim refund.

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