Itr return form

This query is : Resolved

Share Report Follow Query Ask a Query

MALAY DAS

MALAY DAS (Querist)
Follow

31 October 2012 sir
what return should be used for when assessee have only income from other sources? thanks...

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
Follow

31 October 2012 ITR-1 is applicable for individuals having income from other sources (excluding winning from lottery and horse races)

MALAY DAS

MALAY DAS (Querist)
Follow

01 November 2012 sir
thanks for replies a little mistake that
the assessee is a agent of sahara india
on commission basis but assessment year 12-13 he earned income u/s 194A. so it will be used itr4 for his refund claim? advice me thanks.

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
Follow

02 November 2012 Section 194A provides for TDS on interest:

Interest paid by consignors to commission agents - Tax will have to be deducted at source in accordance with section 194A from the interest paid by consignors to their commission agents even where such interest is paid under an arrangement whereby the commission agent retains for himself the interest due to him at the time of paying to the consignor the moneys due to him on account of the consignment.—Letter : F. No. 12/12/68-IT(A-II), dated 23-9-1968.

File ITR-1 as interest is Income from Other soucres.

MALAY DAS

MALAY DAS (Querist)
Follow

02 November 2012 sir
thanks.. for replies but the assessee earned intarest from sahara india in which
he is a agent but this assessment year his 26AS show income sec194A but no commission income? so which itr form should be used
ITR-1 or ITR-4? thanks

CA. Subhash Dangi

CA. Subhash Dangi (Expert)
Follow

02 November 2012 I clearly replied in my earlier reply that ITR-i is applicable since the nature of income is interest as deducted under section 194A.
TDS has not been deducted u/s 194H though he is commission agent.
If you go by records i.e, Form 26AS and TDS under section 194A, ITR-1 is the correct form for which it is applicable

MALAY DAS

MALAY DAS (Querist)
Follow

04 November 2012 sir
thanks.... I clear the matter.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now