Itr forms
This query is : Resolved
07 April 2018
If a person having Retainership Income and his TDS deducted u/s. 194J + having interest, dividend income.
Which ITR form will use for AY 2018-19 ?
Which ITR form will use for AY 2018-19 ?
07 April 2018
depending on your profession, ITR-3 or ITR-4 i.e. whether you are eligible for 44ADA and if yes, whether you choose to offer income to tax under the provisions of this section
09 April 2018
It is very simple: a person was retired from private job and company continues him as a retainership and deducting his tax u/s 194J.... in such case which ITR form is to be use ( income below 1 crore)... ?
09 April 2018
Note in above query....in this year he has only retainership income not salary income.
02 August 2024
For a person who has income from a retainership (treated as professional income) and TDS deducted under section 194J, along with interest and dividend income, the appropriate ITR form for AY 2018-19 is **ITR-3**.
Here’s a detailed explanation:
### **ITR-3 Form**
**1. **Income from Retainership (Professional Income)**:
- **Schedule**: **"Schedule BP"** (Business or Profession).
- **Details**: Report the retainership income under this section. As a professional income, it falls under the category of business or profession income, and you should declare the income and any associated expenses here.
**2. **Interest and Dividend Income**:
- **Schedule**: **"Schedule OS"** (Other Sources).
- **Details**: Report interest income and dividend income under this section.
**3. **TDS Details**:
- **Schedule**: **"Schedule TDS1"** (Details of Tax Deducted at Source).
- **Details**: Report the TDS deducted on your retainership income under section 194J.
### **Summary**
- **ITR Form**: **ITR-3** is suitable for individuals with income from a profession (retainer income), interest, and dividend income.
- **Schedule BP**: For reporting retainership income.
- **Schedule OS**: For reporting interest and dividend income.
- **Schedule TDS1**: For reporting TDS details.
### **Points to Note**
- **No Salary Income**: Since you mentioned there is no salary income, you don’t need to fill out sections related to salary.
- **Turnover Threshold**: Since the income is below ₹1 crore, you do not need to worry about tax audit requirements, but ensure to maintain proper documentation of your professional income and expenses.
- **Other Sources**: Ensure that all other sources of income, such as interest and dividends, are accurately reported and tax credits claimed.
Make sure all the information is accurately filled out in the form and review it carefully before submission. If you need further clarification, consulting a tax professional can provide personalized guidance.
Here’s a detailed explanation:
### **ITR-3 Form**
**1. **Income from Retainership (Professional Income)**:
- **Schedule**: **"Schedule BP"** (Business or Profession).
- **Details**: Report the retainership income under this section. As a professional income, it falls under the category of business or profession income, and you should declare the income and any associated expenses here.
**2. **Interest and Dividend Income**:
- **Schedule**: **"Schedule OS"** (Other Sources).
- **Details**: Report interest income and dividend income under this section.
**3. **TDS Details**:
- **Schedule**: **"Schedule TDS1"** (Details of Tax Deducted at Source).
- **Details**: Report the TDS deducted on your retainership income under section 194J.
### **Summary**
- **ITR Form**: **ITR-3** is suitable for individuals with income from a profession (retainer income), interest, and dividend income.
- **Schedule BP**: For reporting retainership income.
- **Schedule OS**: For reporting interest and dividend income.
- **Schedule TDS1**: For reporting TDS details.
### **Points to Note**
- **No Salary Income**: Since you mentioned there is no salary income, you don’t need to fill out sections related to salary.
- **Turnover Threshold**: Since the income is below ₹1 crore, you do not need to worry about tax audit requirements, but ensure to maintain proper documentation of your professional income and expenses.
- **Other Sources**: Ensure that all other sources of income, such as interest and dividends, are accurately reported and tax credits claimed.
Make sure all the information is accurately filled out in the form and review it carefully before submission. If you need further clarification, consulting a tax professional can provide personalized guidance.
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