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Business/Professional Income of Directors of Companies


Ajay Kumar (Manager - Finance & Accounts)     21 September 2019

Ajay Kumar
Manager - Finance & Accounts 
 2 likes  114 points

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Dear Members,

Please help me for below query

Directors of Companies shall file ITR-2 for AY 2019-20. What if, such directors is also having income from business/profession.

Where to disclose such income in ITR. Please Advice.

Thank you!

avater

Kumar Sushank (Asst. Manager - Accounts & Taxation)     21 September 2019

Kumar Sushank
Asst. Manager - Accounts & Taxation 
 72 likes  993 points

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In that case Director have to file ITR-3 & he can show the income from business & profession.

avater

Ajay Kumar (Manager - Finance & Accounts)     21 September 2019

Ajay Kumar
Manager - Finance & Accounts 
 2 likes  114 points

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Thank you Sir. Can the director choose tax on presumptive income basis and file ITR 4

avater

Kumar Sushank (Asst. Manager - Accounts & Taxation)     21 September 2019

Kumar Sushank
Asst. Manager - Accounts & Taxation 
 72 likes  993 points

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No... Director can't file ITR-4 for FY 2018-19

As Income Tax Notifies about forms for FY 2018-19 Return : If you are Director of a company, then you will be required to specify your DIN (Director Identification Number) in ITR-2 or 3 whichever is applicable.

You will also be required to provide information - Name of Company, PAN, Whether shares are listed or unlisted.


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