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Salary and professional fee in same fy

SG (Consultant) (29 Points)

06 January 2019

Hi,

I was in a normal salaried job for 7 months this FY (there is some tax refund I need to get for those 7 months), and then I shifted to another company where I receive a professional fee (with 10% TDS deducted). Please can you help me with the following queries -

Which ITR form will I need to file?
How will I get the tax refund for 7 months for my regular salaried job?
Do I need to pay advance tax for my current professional fee, and if yes, through which form?
Can I opt for the presumptive taxation scheme (Section 44ADA) for the 5 months where I received professional fee?

Thanks!

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2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160870 Points)
Replied 06 January 2019

1. ITR 3 or ITR 4 (no. may change for AY 2019-20)

2. By filing return and declaring the income/s under proper heads of income.

3. Check/Estimate tax liability, & decide.

4. Most likely Yes.

2 Like

R A N K and Associates (Chartered Accountant) (22 Points)
Replied 07 January 2019

Hello Sir!!

Greetings for the day

We understand that you come under the definition of profession as per section 44AA (i.e. Person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as notified)

Further we assume that in rest of the 5 months the professional fees which you have received is not more than 50 Lakhs rupees in aggregate.

You can opt for presumptive scheme u/s 44ADA only if you are covered under the above mentioned definition of profession, subject to 50 lakhs limit

For ITR’s it will get notified for FY 2018-19 i.e (AY 2019-20) only after completion of the financial year

2. For Advance Tax and Refund

For these first you need to compute tax liability and calculate tax payable, In case your tax payable is less than the taxes already paid (ie TDS credit for the whole FY in your case) you can claim refund in the return for the said previous year and if tax payable is more than TDS credit for that financial year, you will be required to pay advance tax.

Below is the link you can refer to make advance tax payment online

https://onlineservices.tin.egov-nsdl.com/etaxnew/PopServlet?rKey=-1513727846