I have been filing ITR 1 since my only source of income was from salary. Now I do consulting and earn additional income.
1. Under these circumstances which ITR should I file ITR 1 or ITR 4
2. Next year if I don't undertake any consulting job should I continue to file ITR 4 or can i revert back tol ITR 1
3. The expenses permitted for deduction for ITR 4 are covered under which section of IT
Hi, Please look at below points for above query..
1. ITR-4
2. ITR-1
3. Can you please ask in another way..
thanks for the reply
I understand expenditure incurred in connection with the consultation activity is permitted as deduction from income while computing the taxable income. Can you please tell me the relevant section of IT act and also the amount permissible for deduction
thanks for the reply
I understand expenditure incurred in connection with the consultation activity is permitted as deduction from income while computing the taxable income. Can you please tell me the relevant section of IT act and also the amount permissible for deduction
thanks for your reply
1. For AY 2017-18, ITR-4 if you opt presumptive scheme under Section 44AD or 44AE. Otherwise ITR-3.
2. ITR-1.
3. No claim for expenses if opt presumptive scheme under Section 44AD or 44AE. Other allowable expenses as per P & L Account.
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