Ramesh Gupta (Others) (20 Points)
06 September 2015Hi,
I have recently started consulting while also getting a salary. I think I need to file ITR-4 for the next year.
However, I have not yet registered as a consultant since my consultancy income has not yet crossed 10 lakh and mostly won't in this year.
Still can I file ITR-4? Also, is it still ok to deduct expenses like office rent, travel cost even if I am not a registered consultant?
Regards,
Ramesh
praveen
(Chartered Accountant)
(6971 Points)
Replied 06 September 2015
Hi,
I think you are getting confused with 2 taxes here.
There are 2 tax applicabilities to you. One is the service tax and the other is the income tax.
Registration as a consultant in your terms when you reach a turnover of 9 Lakhs is required under Service tax.
Irrespective of whether you are registered under service tax or not you need to file your income tax returns in form ITR 4.
Regards
Any questions you can email me at mrpraveen @ live.com
Kiran. S
(CTO)
(745 Points)
Replied 07 September 2015
Even if ur receipts are low -you can take office expenses and other expenses and show loss if there is one and carry forward loss
Service tax to be paid after receipts cross 10lk.
Ramesh Gupta
(Others)
(20 Points)
Replied 10 September 2015
Thanks Praveen and Kiran.
As suggested, I will file ITR4. Also, I will claim expenses and once the income crosses 9-10L, I will register as a consultant and will start charging service tax from my clients.
Regards,
Ramesh
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