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Itr4 for professionals

18 June 2019

If an advocate is at retainership of a law firm and does not do much of its own work, and does get paid monthly retainership. Also, his TDS is deducted under 194J, which ITR would he be filing? If it is ITR 4, what details he can give under capital, creditors and Debtors

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (196289 Points)
Replied 19 June 2019

ITR 4 ... u/s. 44ADA.

Capital as per estimation; others two can be zero.

2 Like

Om Goyal (445 Points)
Replied 21 June 2019

sir
1.in retainership of advocate or architect, who will Sit in Office of EMPLOYER, above Law Firm' s Office , normally no CAPITAL IS REQD ,& Can CAPITAL be Shown as --00 --ZERO

2. what should be the critaria for making estimation of Capital in above case.

3. whether same or higher amount of Capital will have to be taken in Next AY 20-21 also

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (196289 Points)
Replied 21 June 2019

1. NO Capital Expenditure to purchase (only if rented, ok) the office, &/or furniture fixtures....

2. As per earlier capitalized expenditures after depreciation.

3. As such depreciated cost of assets at the end preceding FY.

Om Goyal (445 Points)
Replied 21 June 2019

thank u for the clarifications, sir

1 Like

Rishabh Srivastava (7 Points)
Replied 26 June 2019

But sir in the case of retainership with law firm there is no capital requirement of the person who is retained, the capital requirement is Zer, there is only travel expenses and other few like that of Pen etc.