In which ITR should i submit returns

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This discussion addresses a lecturer's query about the correct Income Tax Return (ITR) form. The individual earns income from two colleges, with TDS deducted under sections 194C and 194JB. They are seeking guidance on whether ITR 4 is appropriate, if presumptive taxation under section 44AD can be applied with a 6% profit margin, and how to identify the correct business or professional code. The advice suggests that ITR 4 is a viable option, potentially allowing for separate declarations under sections 44AD and 44ADA, and confirms that a TDS refund is possible if total income is below ₹7 lakhs and no special rate income is declared.

Rajesh Bk

Rajesh Bk (Querist)

18 July 2024 Hai myself Rajesh
I am working in 2 colleges as a lecturer under contract basis. The college authority deducted tds under section 194c and 194JB. My total receipts Rs.434380/-( all are bank receipts) for fy 2023-2024 ( Total TDS deducted Rs.10650/-).Will i file in ITR 4? Can i show in presumptive taxataion scheme 44AD by showing 6% profits. What is the business or professional code for my income. (code no.) can i get TDS refunded?

It is humbe request to guide me in detail. I am waiting for your valuable reply.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

18 July 2024 How much TDS deducted under 194C & its income earned?

Rajesh Bk

Rajesh Bk (Querist)

18 July 2024 under 194c TDS amount is Rs 3650/-, income earned is Rs.364380/-
under 194jb TDS amount is Rs. 7000/-, income earned is Rs. 70000/-

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

18 July 2024 You can file ITR 4, u/s. 44AD & sec. 44ADA separately.
Yes, You can get back refund of the tax deducted, provided aggregate income below 7 lakhs, and no income under special rate.

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