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
ITR 4 ... u/s. 44ADA.
Capital as per estimation; others two can be zero.
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.
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.
CAclubindia
