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Suitable ITR form

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Pivate
1492 Points Posted on 03 February 2022
Dear Sir,

A person is working in three different shops(book keeping accounts maintaine) he got Rs.96000/- from 1st shop annually. Rs. 120000/- from 2nd shop and Rs. 76200/- from 3rd shop so please suggest which itr he needs to file.2nd and 3rd shop owner shown salary of person in his books of accounts.
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On 03 February 2022 at 22:43 Report
Replies (9)
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Chief Accountant
3150 Points Posted on 04 February 2022
What 1st Owner showing in his books of accounts ?

He can file ITR1 by considering all income as salary.
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On 04 February 2022 at 02:36
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CFO- at NHTF
58280 Points Posted on 04 February 2022
If you are getting everything from all organisations in the form of salary then you file ITR-1 .

You need not pay any tax since 50k standard deduction is available & rebate also
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On 04 February 2022 at 07:17
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Profession Business
28207 Points Posted on 04 February 2022
If the salary is Rs.4.00 lacs and assesse does not lean on following Sec 115BAC THEN he is interested in taking benefit of Section and exemption.
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On 04 February 2022 at 08:08
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CFO- at NHTF
58280 Points Posted on 04 February 2022
IT dept has given whichever option beneficial to tax payer..There no tax at all .It doesn't make much difference in this case
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On 04 February 2022 at 08:29
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Profession Business
28207 Points Posted on 04 February 2022
All of a sudden an individual can't opt for sec 115bac. The income tax department has given many options to assesse.
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On 04 February 2022 at 19:11
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Chief Accountant
3150 Points Posted on 04 February 2022
It's not like that, person have to choice , whichever beneficial to them
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On 04 February 2022 at 20:34
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Profession Business
28207 Points Posted on 05 February 2022
I know the basics underlying provisions.
What is the benefit available?
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On 05 February 2022 at 11:14
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CFO- at NHTF
58280 Points Posted on 05 February 2022
If tax is less under old regime then tax payer can choose old regime .
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On 05 February 2022 at 20:32
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Profession Business
28207 Points Posted on 06 February 2022
That everyone knows?
Sec 115bac can be chosen when the assesse is in the higher tax bracket otherwise there is no benefit available.
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On 06 February 2022 at 16:16


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