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IS 44ADA AVAILABLE

Tax queries 1099 views 15 replies
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EXECUTIVE IN NBFC
100 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
Replies (15)
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Chartered Accountant
24588 Points Posted on 30 July 2021
Yes you can file return u/s 44ADA
129 Reply
On 30 July 2021 at 06:01
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Chartered Accountant
86505 Points Posted on 30 July 2021
You can either opt for Sec 44ADA or declare such income as other sources income.
814 Reply
On 30 July 2021 at 08:04
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2742 Points Posted on 30 July 2021
Agree with Rashmi Ji
9 Reply
On 30 July 2021 at 09:13
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Chief Accountant
3150 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
9 Reply
On 31 July 2021 at 10:52
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EXECUTIVE IN NBFC
100 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.  

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On 31 July 2021 at 11:30
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Chief Accountant
3150 Points Posted on 31 July 2021
Yes, of course....u can
9 Reply
On 31 July 2021 at 11:34
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EXECUTIVE IN NBFC
100 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
3150 Points Posted on 31 July 2021
Welcome..
9 Reply
On 31 July 2021 at 11:46
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Account Manager
167 Points Posted on 31 July 2021
Is interior decorator can file return u/s 44ADA ?
2 Reply
On 31 July 2021 at 17:19
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Chief Accountant
3150 Points Posted on 31 July 2021
Yes, he can file return u/s 44ADA
9 Reply
On 31 July 2021 at 17:19
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Account Manager
167 Points Posted on 31 July 2021
Can he show income more than 50% in return ?
2 Reply
On 31 July 2021 at 17:20
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Chief Accountant
3150 Points Posted on 31 July 2021
Yes, he can as per his choice..
only minimum criteria are prescribed by law..i.e 50%
9 Reply
On 31 July 2021 at 17:21
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EXECUTIVE IN NBFC
100 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
100 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. 

Reply
On 04 August 2021 at 17:01


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