Which itr suitable to me for ay2013-14

This query is : Resolved

GK Gupta (Querist)
Follow

10 July 2013 Dear All,

I have two source of Income
1)Salary &
2)Insurance commission u/s 194D & 194J

Which ITR I would to filled for AY-2013-14 for TDS refund claim.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

10 July 2013 itr 4 is suitable to you.

GK Gupta

GK Gupta (Querist)
Follow

10 July 2013 Sir ji

but ITR-4 is [For indls and HUFs having income from a proprietory business or profession]
I Have a Salary income also as new ITR-4 AY-2013-14 there is no column given for salary income?????

and business code also required for Insurance commission?????

GK Gupta

GK Gupta (Querist)
Follow

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

10 July 2013 TDS deducted u/s 194J means u have professionl income then u need to file itr4 if u show salary and other source income then u need to file itr 1.

but i think as u hav professional income then
file itr4

GK Gupta

GK Gupta (Querist)
Follow

10 July 2013 Thanks but a little confusion ITR4 / ITR4Sugam

As per new ITR-4 there is no column given for show income from salary head I have to show three head of Income
1-Salary
2-Insurance Commission
3-interest Income

All above said income in which ITR will take can I use more than one ITR which is wrong I think I have to show my commission income in u/s 44AD.
let me know am I right or wrong????

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

10 July 2013 u/s 44ad is for presumptive taxation u should not use itr 4s...file itr 4.

Message likes : 1 times

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

10 July 2013 1)ITR-4S not applicable to you..as it specifically excludes agency commission business under section 44AD(6)

2)ITR4 IS APPLICABLE , AS COMMISSION INCOME IS BUSINESS INCOME

3)Tax audit is applicable if income from commission exceeds 1 crore

4)The assessee may/may not require to fill P&L/Balance Sheet details in ITR-4. In case he is not maintaining books of account – he may fill in item 51 of Part-A P&L in ITR-4.

5)However it is mandatory to maintain books of accounts if income from commission is more than 1,20,000 as per section 44AA.

6)Your salary details can be disclosed in sheet name " PART B-TI-TTI-SAL" sheet.

Thanks & regards
Ganesh babu k

Message likes : 1 times

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

10 July 2013 7)Code applicable 0301.As per instructions to ITR4

http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay2010-11/Instructions-4.pdf

Thanks & regards
Ganesh babu k

GK Gupta

GK Gupta (Querist)
Follow

11 July 2013 Thanks you so much sir
but Income from other source Interest income not given in sheet "part-B TI-TTI-SAL"

where I should to show Income from Interest SB + FDR Interest

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

11 July 2013 1)interest in SB AND GROSS FIGURE OF Interest can be shown in Sheet "CG-OS"

2)if any TDS deducted on interest on FD details can be mention in Sheet "TDS" and fill details as per Form 16A is "Schedule TDS2"

3)you can claim Exemption upto Rs.10,000 for interest on saving bank under section 80TTA so fill details of exempt income from interest from savings bank in Sheet "80-" in 80TTA

Thanks & regards
Ganesh babu k

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