ITR 1 or ITR3

ITR 188 views 5 replies

Anil Kumar

Proprietor

107 Points Joined December 2013

I was earning salary & professional income till FY 2019-20 and filed ITR3 regularly. I have mentioned the salary as Freelance income in ITR.

From FY 2020-21 I have only income from salary, 26AS shows TDS deduction in section 194A only but there is Rs. 20000 TDS deducted from Residential Authority for under-construction flat which was Fixed Asset in my Balance Sheet. I got the interest on my principal amount.

Can I file ITR1 for FY 2020-21 even my company never provided me Form 16 and never deducted TDS.

Can I claim 20000 TDS as the flat was shown as fixed asset in Balance sheet in previous years.

Shall I inform any authority that I have no income from profession.

Kindly suggest

Thank You

Replies (5)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208750 Points Joined July 2016

Why TDS for salary not deducted?

Under which section TDS of 20K deducted?

CMA Poornima Madhava

CMA

13117 Points Joined May 2009

If you have only salary income and interest income, you may file Itr1 and claim refund if no other tax is payable.

Anil Kumar

Proprietor

107 Points Joined December 2013

Rs. 20000 TDS deducted under section 194A (interest paid on principal amount)

Anil Kumar

Proprietor

107 Points Joined December 2013

Thank you Dhirajlal Ji & Poornima Ji

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Joined February 2019

The ITR 3 for AY 2020-21 applies to every individual and Hindu Undivided Family (HUF) having income from a proprietary business or carrying on a profession such as architecture, accountancy, engineering, medical and more. ITR 3 may also comprise income from house property, salary/pension and income other such sources.

ITR-1 is known as 'Sahaj' while ITR-4S is called 'Sugam'. ITR-1 applies to Individual only whereas ITR-4S covers Individual and HUF. ... On the other hand, ITR-4S applies to four heads of income i.e. presumptive business income, salary, one house property, and other sources (except casual income).