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Johnson Anthonidas (Querist)
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27 June 2013 IN ONE CASE ASSESSE HAS INCOME UNDER 194J AS PER 26 AS OF TRACES.HIS INCOME IS BELOW BASIC EXEMPTION LIMIT FOR F.Y.12-13

NOW IS IT COMPULSARY FOR HIM TO FILE ITR4

CAN I FILE ITR 1 AND SHOW THE ABOVE INCOME AS "INCOME FROM OTHER SOURCES"

IF I DO SO CAN THERE BE PROBLEM IN CLAIMING REFUND

PLEASE REPLY

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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27 June 2013 You may do at your own risk. Department can deny refund unless the required details are furnished.
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In my view Income from Other Sources is a residual head. When a particular income falls under the 4 other heads, it can not be shown under IFOS.
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Ganeshbabu K

Ganeshbabu K (Expert)
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27 June 2013 Yes..it is recommended to file ITR-4

Johnson Anthonidas

Johnson Anthonidas (Querist)
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28 June 2013 BUT DO I HAVE TO PREPARE BALANCE SHEET OF ASSESSE BCOZ THE ASSESSE IS ONLY A TRAINEE IN THE ORGANISATION AND PAYMENT MADE TO HIM IS UNDER SEC 194J

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