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Itr1, or itr2 or itr4

Dibyendu (Consultant) (162 Points)

11 April 2013

I am salaried in a private company which provides me form16.

Also I leased my car to govt of india who pays per moth - deducting tax under 194C. driver, oil and other expense is beared by me.

Which type of fform(ITR1, ITR2, ITR4) is applicable for e-filing. Plese reply.

Thanks,

Dibyendu

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8 Replies

(Guest)

ITR 1 will be sufficient...

Corret me if i'm wrong

Dintakurthi Tirumala (CA FINAL) (15989 Points)
Replied 11 April 2013

ITR-1 will be sufficient and net income from the CAR lease(i.e Lease amount - salaries-oil expenses - is any other expenses) shall treat as income from other sources and disclose it at other income head.

OM SAI SRI SAI JAI JAI SAI

nikhil ((CA Final) Article) (363 Points)
Replied 11 April 2013

itr 1 filled for salary and income from bank interest less then 5000Rs as per my view

Itr 2 filled for salary and income from other sources more then 5000RS so

sourav jain (INTERNAL AUDITOR) (128 Points)
Replied 11 April 2013

Hello Nikhil my View differ from your

ITR 1 Can be filed for

(a) Income from Salary/ Pension; or

(6) Income from One House Property (excluding cases where loss is brought forward from precious years); or

vivek (ca) (32 Points)
Replied 12 April 2013

You should file ITR4 as income from renting car is a regular business and not casual. Hence it's income will fall under income from business.

PMA Nooruddin (M.Com, Finance Manager) (422 Points)
Replied 12 April 2013

Thinking that your Income from both sources is Minimal, i think you can choose from ITR 1 and ITR 4

Hople below points help you decide which ITR to choose:

ITR 1 - It is filed by salary people who receive Form 16 and it has one section where you can show Income from Car in Income from other sources....

ITR 4- It is filed by poeple whose income is other than salary, but still there is provision where you can enter your form 16 details and your income is also from buisness...

so if i were you i would go for ITR 1

vivek (ca) (32 Points)
Replied 12 April 2013

N o, where U have regular and recurring source of income from renting of car ,then it's net income will be taken as business income and not as income from other sources