Itr return filing for tds 194c

ITR 4. u can claim all eligible exps under PGBP

It is contract income wherein TDS is deducted @ 1%. Hence it should be treated as business income and accordingly itr4 is required to be filed. You should be getting tds certificate in form16A. If not get the TDs certificate first and then file your returns

First of all the ITR Form you need to file is ITR 4/ ITR 4S. As the income you are earning will come under the head PGBP ( Business) .

I will recommend you to file ITR 4S in which you will calculate tax on the total turnover ( as mentioned in 16A/ 26AS);

For example if I take Rs.50000/- as your monthly turnover then for the year it will be Rs. 600000/- & as per the provisions of 44AD you will have profit assumed to be  8% tax i.e. Rs. 48000/- . Now reduce your deductions such as Tax saver FD, Contribution to PPF. Mediclaim & other eligible deductions assuimg that you have Rs.8000/- investment your total taxable income would be Rs.40000/- Now as per the slab rates your tax will nil and you will get all the tds as refund.

Also please mention the Interest from savings(Exempt upto Rs. 10000 80TTA) and FD's .

Happy Filing 

@  Amit Jha:

Sec 44AD emphasises on type of buiness or profession (excluding notified profession) you have taken up and not on your qualification. Notified profession, income in nature of commission or brokerage, agency business are restricted from Sec 44AD

Notified profession are legal, medical, engineering or architectural profession or profession of accountancy or technical consultancy or interior decoration or a film artist or an authorised representative not being an employee of the organisation.

Hence after becoming an MBA it depends on what work you do. If you take work of consultancy then it is restricted by section 44AD and hence reqd to maintain books of a/cs as per Sec 44AA and maintain books as prescribed under Rule 6F

Agreed with Isahant and Rinkal. In the Nature of Business row, fill contract charges. Fll TDS details as per 26AS in absence of form 16A.

Give details of any other income(taxable and exempt) and tax in the respective sheets of ITR 4S and claim refund.

Yes you can. On the specified professions stated above are excluded.

Agree with CA Rashi Bajaj

Thanks Rashi.

So while filling details for 44AD,

what shall i select as nature of business and tradename, any idea?

Trade name: Your name

Nature: Contract charges

Nature of business is a drop down list having pre-defined value , we have to select any one option from that list.

Trade name is free text input box where in we can type any text.

So , i am bit un-clear with what value shall i select for nature of business...