Which itr form to be used ?

One of my friend is getting small income as advisor in case of loan application. He does not have big business as such. his income is around 1.50 lac in the year 2014-15.

know shoul he has to file ITR -4 or ITR -1 in that he can claim as income from other sources.

he does not have any other income ?

 

 

Replies (5)

It does not mean you shuld have a real business setup to earn such income. As income earned thru Advisory services, which can be termed as a Profession, he can file ITR 4 but certainly not ITR 1.

 

Thanks,

Suri

 

Thanks for reply

He didnt prepare Balance sheet n all. 

Can we file ITR 2  and will show it as income from other sources and claim TDS deducted on that.

 

 

Since income as an advisor is a professional income, he have to file ITR-4 . smiley

Income received from business profession cant be treated as income from other sources as per I T act 1961and you earned income from advisor so you need to file itr 4

You need to file only ITR-4 only under professional income

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