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IS 44ADA AVAILABLE

Tax queries 922 views 15 replies

Ganesan B

EXECUTIVE IN NBFC

100 Points Joined 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

Replies (15)

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

Yes you can file return u/s 44ADA

CA Rashmi Gandhi

Chartered Accountant

86505 Points Joined April 2011

You can either opt for Sec 44ADA or declare such income as other sources income.

Ankit Neema

2742 Points Joined October 2018

Agree with Rashmi Ji

Nidhi

Chief Accountant

3150 Points Joined July 2020

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

Ganesan B

EXECUTIVE IN NBFC

100 Points Joined 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.