Which ITR to use?

hi ,

You are required to file ITR 3, as you are earning professional income by doing private practice.

Income from Life Insurance will come under income from other sources. According to Circular No. 7/2003 dated 05-Sep-2003, Finance Act 2003 from the Income Tax department. As per that, tax should be paid on income accrued on life insurance policies which does NOT include premium paid by the assessee.

Dear Sir,

It depends on the income from private practice. If the income from private practice is less than 50 lacs then you can use ITR 4 else use ITR 3.

You need to show income from SBI life policy as income from other sources.

We will assist you in ITR Filing.

Hi,

Please file ITR3.

Regards,

Nikhil.

Since, you are into private practice, you can't file ITR 1. You have an option to file ITR 3 or ITR 4.

The income of 36 lacs will be shown under exempt income.

Please feel free to call revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Hi

Since you are into practice, you need to file ITR 3 or ITR 4 (presumptive taxation).

Show the redemption value as exempt income.

Hi,

Given the following incomes, you should file and report the incomes in ITR 4 form Under the following heads:

1. Pension income - Income under the head salary

2. Income from private practice - Income from profession under the head presumptive if the total receipts does not exceed 50L.

3. Proceeds from SBI life policy- Income from other sources. No specific section required for this.

4. Interest on FD- income from other sources.

Thanks

Damini

You may file ITR - 3.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

You can use ITR 3 and if willing to go for presumptive taxation then ITR 4.