Selection of itr form

Dear Sir

A Director of the company has withdrawn Salary of Rs 60 lacs from the Company in financial year 2012-13. He is also Director in another company in which he has received consultancy fee of 15 lacs in the same year.

Please advise appropriate ITR form (ITR 2 or ITR 4) for IT Return keeping in mind that the assessee is not maintaing Balance Sheet. There is no consultancy fees upto financial year 2011-12, hence, he had filed ITR 2.

Can he show consultancy fees in ITR 2 as Income from Other Sources. If Yes, Should he revise his return in ITR 2 as he already filed ITR 4.

Thanks & Regards

Ritesh

Replies (4)

only ITR 4 U CAN FILL

Consultancy fees is earned is in the nature of professional services provided to a company as a director, and so he can't file ITR-2. 

agree with all... consultancy fees require the assessee to file ITR-4....

 

Thanks and regards, CA Lovely Arora ca.lovelyarora @ gmail.com +91-9891400405

Read more at: /forum/details.asp?mod_id=259550&offset=0

Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
+91-9891400405
 

Thanks and regards, CA Lovely Arora ca.lovelyarora @ gmail.com +91-9891400405

Read more at: /forum/details.asp?mod_id=259550&offset=0

 

If its salary and consultancy fees.., go for ITR-4S.., it would reduce down your headache...

 

Business code to be used is 0704 for consultancy services., and consider it as presumptive income under section 44AD.

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