Income Tax_ITR

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This discussion clarifies the correct Income Tax Return (ITR) form for individuals with salary income and consultancy fees earned as a director. The consensus is to file ITR 3 under the 'no account case' provisions of Section 44ADA for consultancy fees. This avoids the need to submit a full Profit & Loss account and Balance Sheet, though certain details for the 'no account case' will still be required.

G.Sujana

G.Sujana (Querist)
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30 July 2022 Good Morning All

I have a salary income, I also receive consultancy fees from another company in which I am a director. My question is which return do I need to file and under which head of income does the consultancy fee fall?

Thanks in Advance

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 July 2022 If consultancy fees eligible for sec. 44ADA file ITR 3 under no account case.

G.Sujana

G.Sujana (Querist)
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30 July 2022 I am a director of a private limited company, will I be eligible to file ITR 4. ITR 3 is asking for p&l and Balance sheet, Please guide

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 July 2022 You should file ITR 3 with no account case, i.e. under sec. 44ADA. No need to file complete BS & P&L acc; but few details as under 'No account case'.

G.Sujana

G.Sujana (Querist)
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30 July 2022 oh ok noted. Thank you Sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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30 July 2022 You are welcome..

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