Itr 2 or itr 4 ?

ITR 492 views 4 replies
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CA Final & CS Executive Student
236 Points Joined November 2008

Hi,

I have been filing Income Tax Returns in form ITR 2 for two of my friends over last 3-4 Years. They have only commission income from PAN CARD CLUBS. Have I made a mistake by not showing it in ITR 4 ? 

As far as TDS Refund is concerned, they have received it properly without any question from IT Dept regarding the form used for Return.

Please Guide.

 

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On 19 April 2015 at 13:25 Report
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HELPING HAND
1313 Points Joined April 2015
Now you know your mistake, and as you have furnished proper details in itr 2 instead of itr 4 you will not face an problem. Next time take care of it.
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On 19 April 2015 at 14:13
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CA Final & CS Executive Student
236 Points Joined November 2008

Is it really a mistake in choosing a ITR 4 instead of ITR 2 ? or it actually doesnt matter ? Casue I m showing required amounts of Gross incomes as per TDS certificates and expenses under section 52.

What are the disadvantage of using ITR 2  instead of ITR 4?? 

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On 19 April 2015 at 15:02
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Practising CA
8944 Points Joined December 2013
Commission is business income. So cannot be shown as income from other source.
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On 19 April 2015 at 23:22
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HELPING HAND
1313 Points Joined April 2015
Agreed with raj, that's why told you that next time take care of i.
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On 20 April 2015 at 01:25


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