ITR selection for tax filing

ITR 442 views 31 replies

sai

70 Points Joined March 2021

Hello,

I had worked as software engineer for a client through a consultancy. All my work was done from remote location i.e., WFH. I was paid on hourly basis at the end of every month. For the last financial year April 2020 - March 2021, I received a total of Rs.8,00,000. TDS was deducted @ 1 percent under section 194C every month.

My employer told me to use section 44ADA to get 50 % exemption as expenses.

I have STCG (Rs.10,000) and intraday profit (Rs. 500) from stock market investing.

I don't have any other investments and so I want to file my returns under new tax regime.

Under which ITR, should I file my tax ? How to choose 44ADA section ?

kindly clarify my doubts and provide me your valuable suggestions.

Thanks & Regards,

Sai Raj.

Replies (31)

Naga Upendra

161 Points Joined March 2016

Hi sai, you are having professional income and capital gain, for this you have to file in ITR-3.
while filing the ITR you should select no for 44AA ( maintenance of books of account).
while filling ITR p&l schedule in return you should fill in 44ADA for Presumptive taxation.
if you have any quarry, you can feel free to ask.

sabyasachi mukherjee

28018 Points Joined May 2017

It's not a presumptive income , otherwise itr 4 hv to be selected. As per Sec 44ADA there is a provision apply to a resident assesse engaged in a profession referred u/sec 44AA (1) whose total gross receipts do not exceed Rs.50 lakhs.Maintainance of books of account is not mandatory. There are some professions referred in Sec 44Aaa (1).

sai

70 Points Joined March 2021

Thanks for the response.

Can I file my ITR-3 online? I have read that after filing ITR-3 we have to fill form V or ITR V and send it to Bangalore office by post. Kindly explain me the process.

And as said above, I want to opt for new tax regime. Can I use 44ADA even under new tax regime ? Where to select that option?

Thanks & Regards,

Sai Raj.

sabyasachi mukherjee

28018 Points Joined May 2017

Ok but what is the gross receipts

sai

70 Points Joined March 2021

Gross receipts was Rs. 8,00,000.

jagdish chhugani

engineer

1072 Points Joined March 2013

YOUR EXPENSES MUST BE LEAST OR NOTHING, FILL ITR 3, CHOOSE NATURE OF BUSINESS, UNDER PROFIT AND LOSS SHOW GROSS INCOME AND EXPENSES LIKE PHONE, INTERNET, BOOKS, STATIONERY, RENT, ETC, PAY YOUR TAXES AFTER EXEMPTIONS 80C 150,000, mediclaim, ETC

BE HAPPY BY PAYING FAIR TAXES.

jagdish chhugani

engineer

1072 Points Joined March 2013

YOU CAN VERIFY YOUR RETURN ONLINE VIA ADHAR OR NET BANKING OR ATM OR SEND TO BANGLORE VIA POST OR SPEED POST

CHECK CALCULATION FOR NEW AND OLD REGIME AND DECIDE

THIS LOOKS THIS IS YOUR FIRST INCOME TAX RETURN

sai

70 Points Joined March 2021

Hello,

I have almost completed the process based on all above suggestions.

While I am submitting for verification, I was getting one error continuously even after rectifying.

error msg : Please select the business code from the drop down.

I was entering the business code but again the same error was displaying. The business code detail was not getting saved.

Kindly help me in solving this issue.

Thanks & Regards,

Sai Raj.

jagdish chhugani

engineer

1072 Points Joined March 2013

are you doing on utility or portal online, try both ways. Validate each sheet.

jagdish chhugani

engineer

1072 Points Joined March 2013

your code should be 14002

sai

70 Points Joined March 2021

Yes sir, I was using the same code. But again and again I was getting the same error after submitting for verification.

sai

70 Points Joined March 2021

When I enter those details, they were displaying till I was in that section. Once I get back to other schedules, those code details were disappearing. So the same error was repeating multiple times when I submit my ITR form. Looks like that particular details were not getting saved.