I have been filing Income Tax Returns (ITR) for the past two years, primarily under ITR-2, as I am a salaried individual with equity investments. However, for the current assessment year, I filed my return under ITR-1 and have already received the refund.
Upon reviewing my Annual Information Statement (AIS)/Taxpayer Information Summary (TIS), I realized that I overlooked a critical detail:
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From April 2024 to January 2025, I was a salaried employee,
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But from February 2025 onwards, I have been engaged as a Professional Consultant for a Research Laboratory, and the payment has been reported under Section 194JB (Professional Fees) as business receipts in AIS/TIS
Due to this oversight, I filed the return from a "salaried employee" perspective, ignoring the income reported under Section 194J. The TDS refund related to this income has also been credited.
I now seek your guidance on how to rectify this:
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Should I revise my return by switching to ITR-3 or ITR-4, considering the professional income reported under 194J? (based on various internet forum & ITR community many mentioned ITR 4 with sec 24ADA)
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Alternatively, can I leave the current ITR as-is and file under the correct form (ITR-4) from the next financial year?
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Will this mistake attract any notice, penalty, or compliance issues from the Income Tax Department?
I would greatly appreciate your assistance in helping me complete the necessary corrections or steps, if required.