IS 44ADA AVAILABLE

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EXECUTIVE IN NBFC
105 Points Posted on 30 July 2021

For FY 20-21, I have

1. Salary Income for 8 months (TDS deducted u/s 192) &

2. Retainer Fee for 4 months (TDS deducted u/s 194JB)

3.  Interest on deposits with private (TDS deducted u/s 194A)

 

For the retainer fee, can I claim 50% under 44ADA and file my return using ITR 4.

Please suggest

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On 30 July 2021 at 04:03 Report
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Quick Summary
This discussion clarifies the availability of Section 44ADA for individuals with retainer fees and other income sources for the financial year 2020-21. It confirms that retainer income can be declared under Section 44ADA, allowing for ITR 4 filing with a presumptive income of 50%. The conversation also touches upon the possibility of switching to ITR 1 in subsequent years if retainer income ceases and briefly addresses whether professional qualifications are mandatory for claiming 44ADA.

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Chartered Accountant
16188 Points Posted on 30 July 2021
Yes you can file return u/s 44ADA
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On 30 July 2021 at 06:01
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Chartered Accountant
44442 Points Posted on 30 July 2021
You can either opt for Sec 44ADA or declare such income as other sources income.
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On 30 July 2021 at 08:04
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1359 Points Posted on 30 July 2021
Agree with Rashmi Ji
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On 30 July 2021 at 09:13
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Chief Accountant
1673 Points Posted on 31 July 2021
If in future also you are going to get income as retainership than you can opt for 44ADA @ 50%

if it's only for this 4 month than u can show that as income from others sources
2 Reply
On 31 July 2021 at 10:52
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EXECUTIVE IN NBFC
105 Points Posted on 31 July 2021

Thanks.  My retainership is actually for 12 months from Dec 20.  In FY 20-21, 4 months (Dec 20 - Mar 21) and in FY 21-22, 8 months (Apr 21 - Nov 21).  If I am filing ITR4 for fy 20-21 & 21-22, can I file under ITR 1 from 22-23 since I will not receive any retainer fee from that year.  

1 Reply
On 31 July 2021 at 11:30
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Chief Accountant
1673 Points Posted on 31 July 2021
Yes, of course....u can
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On 31 July 2021 at 11:34
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EXECUTIVE IN NBFC
105 Points Posted on 31 July 2021

Thanks Nidhi for the clarity.

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On 31 July 2021 at 11:43
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Chief Accountant
1673 Points Posted on 31 July 2021
Welcome..
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On 31 July 2021 at 11:46
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Account Manager
120 Points Posted on 31 July 2021
Is interior decorator can file return u/s 44ADA ?
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On 31 July 2021 at 17:19
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Chief Accountant
1673 Points Posted on 31 July 2021
Yes, he can file return u/s 44ADA
1 Reply
On 31 July 2021 at 17:19
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Account Manager
120 Points Posted on 31 July 2021
Can he show income more than 50% in return ?
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On 31 July 2021 at 17:20
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Chief Accountant
1673 Points Posted on 31 July 2021
Yes, he can as per his choice..
only minimum criteria are prescribed by law..i.e 50%
1 Reply
On 31 July 2021 at 17:21
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EXECUTIVE IN NBFC
105 Points Posted on 02 August 2021

Is there any condition that the person claiming should be professionally qualified?

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On 02 August 2021 at 11:23
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EXECUTIVE IN NBFC
105 Points Posted on 04 August 2021

Please confirm on:

1.  Is there any condition that the person claiming should be professionally qualified for claiming under 44ADA.

2.  Has anyone filed ITR 4 (online mode) with 10IE and got it e verified. 

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On 04 August 2021 at 17:01

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