My client works as a free-lancing assistant director. During F.Y. 2013-14 i.e. A.Y. 2014-15, he has earned gross income of Rs. 44,000/- on which TDS of Rs. 3,500/- has been deducted by one of the payers. The tax has been deducted under section 194J - Professional Fees. Since his Income is very much below the threshold limit of Rs. 2,00,000/-, my query is whether his return is to be filed in Form ITR 4 (relevant for Businessmen and Professionals) or in Form ITR 1 (relevant for salaried individuals). Further, no books of accounts have been maintained by him due to the very little income. Is Tax Audit Compulsary in his case? Is it Mandatory to maintain books of accounts?
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Assistant director - itr 1 or itr 4??
Replies (8)
ITR 1 to be filed. no needs to maitain books of accounts. and not require to do tax audit.
Hello. Friend. You hv to file Itr 4, Not Itr1, Because income is recived from sec 194J. In normal cases where a dirctor recived any salary it is taxable under head income from other sources because there no employer employee relationship, hence he has to file Itr 4.
Hello friend he has to file itr 4, Not itr 1 Because income is recived under sec 194 J. Normaly directors salary is taxable under head income from other souces not in salary head because, there is no employer and employee relationship.
He will have to file ITR-4.
You have to file ITR 4, for Income from business and profession as tds deducted u/s 194J. moreover, there is no required to maintain books of accounts unless and untill person carrying busines fall under Rule 6F of income tax
But in the ITR 4, there are schedules for Balance Sheet and P&L Account. My Client has no books of Accounts and only 2 Receipts in the whole year. He does not have any expenses to show also. In such a case, is it mandatory to fill in the Balance Sheet? Or can it be left blank? Further, can the expense heads be left blank in the P&L Account after typing in the Gross Receipts, since there are no records of expenses?
Okay just to ask another question. What if the tds was not deducted mentioned the income is below 2,00,000/-
Then itr 1 should be used?
Hi @ all Which Income Tax code should i enter while Filling the ITR of Assitant Director-Movies. He is not an artist and received income under Sec 194JB and is more than 2lakh. Photgraphy or management consultancy ?
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