IT return for consultants

461 views 11 replies

Hi,

During the current FY 2021-22, I was employed as a full time employee for 8 months (company provided form 16) and for remaining 4 months I got employed as an IT consultant with another company , and received consolidated monthly remuneration after 10% TDS deduction. This company gave me form 16A. Since I am 60 years old and retired from previous company I am working as a consultant now (IT consultant). 

My questions are:

1) Do I need to file two ITR's ? i.e ITR 1 and ITR 3 or 4 ? 

2) If yes for the consultant income am i eligible under section 44ADA?

3) I have not maintained any books, so could I file under presumptive income category ?

4) Could I claim the TDS deducted ? 

Kindly provide me a quick response as I have to file the return before July 31st and I am now abroad , on vacation and will return only after Sept 1st back to India. I am resident Indian. 

 

Regards

Ram

Replies (11)
What is your quantum of income?
44ADA Consultant is eligible for presumptive Taxation
Hi RS Ramachandran, pls check your inbox
1. No ,single IITR
2.Yes
3.Yes
4 Yes
1.You can file itr 4 only. 2. Here you can take consult in on in 44ADA. 3. presumptive basis you can take. 4. Tds claim depends on your income declaration
1) No, you can not fill two ITR.
2) Yes, you are eligible u/s 44ADA.
3) IT is not a problems, because as per your bank statement it is clearly finding out your total receipt, but if you receipt your Consultant’s fees in mode of cash then approximately figures is considered.
4) Yes

Thank you for the detailed reply. On response no 1, should I file using ITR 1 or ITR 4 ? 

Regards 

 

Thanks all the CA who have responded. It helps in my understanding. One final query :

1) should I file using ITR 1 or ITR 4 ? Which of these has option to add both type of income ? 

2) could any one assist me in filing my returns this year, as I am currently abroad on vacation and I don't want to delay. I need some tax savings also. 

Regards 

 

1. You have to use ITR 4 or ITR 3 for filing your ITR because the income from consultancy cannot be reported together with your salary. 

Consultancy income has to be reported under the head of business/profession. 

2. You can connect with me at ca.pujasharma @ outlook.com for assistance in the tax filing. 

 

File ITR-4
Salary+ Consultancy can reported in single ITR through ITR-4 under 44ADA

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