Vijay Kumar (Retired Central Govt service) 21 July 2019
I am retired central govt employee. Retired in Jun2017. Now I am working as Technical consultant at the same office. During FY 2018-19 I got Rs 9 Lakh pension u/s 192, Rs 10 lakh u/s 194A for interest on FD in bank, Rs 4 Lakh Honorarium for Technical consultancy u/s 194J. . TDS 0f 10 % is cut on Technical consutancy and Bank FD. My friend suggested to file ITR4 - 44ADA to claim 50% reduction on honorarium How do I file return for 194J to get any exemption on Technical consultancy income. Is this valid
with request for suggestion
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Tushar Gupta 21 July 2019
yes your friend is right you can show your income of rs 4 lakh honorarium as professional services under income from profession services and claim 50% as reduction. as per sec 44ada assessee can show presumptive income of 50% or more from professional services.