Income tax refund on profession
This query is : Resolved
27 July 2012
Dear sir,
one of my friend he is working in a company, but at the time of joining, the company didn't tell him, that they are keeping him as a consultant & they deducted tds @ 10% on profession for 4 to 5 months.
now he want to refund of tax because his salary ( is not more than 7000 per month & his total income not over than taxable income ) company has already deducted 2500 to 3000 tds on his service )
now my query is, is he has to file ITR 4 or he can file ITR1 for his refund
if he files ITR4 than in this case how he will fill the detail, means there is no capital , assets etc which required for filling itr 4
pls help.
thanks
Dear sir,
one of my friend he is working in a company, but at the time of joining, the company didn't tell him, that they are keeping him as a consultant & they deducted tds @ 10% on profession for 4 to 5 months.
now he want to refund of tax because his salary ( is not more than 7000 per month & his total income not over than taxable income ) company has already deducted 2500 to 3000 tds on his service )
now my query is, is he has to file ITR 4 or he can file ITR1 for his refund
if he files ITR4 than in this case how he will fill the detail, means there is no capital , assets etc which required for filling itr 4
pls help.
thanks
27 July 2012
For filing ITR for income from business/profession you have to prepare BS. If no cash is left, then it should be shown as drawings in BS and fill teh appropriate form accordingly
He can get his refund!
He can get his refund!
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