When I was in service I used to file ITR1 . After retirement I had some consultancy/advisory assignment for few months so I filed ITR 4 for AY 2017-18. I did not have any further assignment during financial year 2017-18. Now my questions are
1.what form should I use ITR 1 OR ITR 4( I have only pension amount during FY 2017-18)
2. If I file ITR 1 Can I revert to ITR 4 when I get any fresh assignment?
Asked 5 months ago in Income Tax from COIMBATORE, Tamil Nadu
1) For pension income, you need to file ITR-1.
2) Once you opt for ITR-1 option, you will not able to file ITR-4 for next five years.
Hope you are doing well !
1. You should use ITR 1 for pension income.
2. No, once you opt ITR1 then you have to continue with ITR 1 for next five years.
Thanks & Regards,
1. You should use ITR 1 for FY 17-18.
2. Since the change in ITR is due to the change of income base, you can file ITR 4 when you have consultancy income in future.
ITR 4 could not have been filed for 5 years, if you were showing business income under ITR 2/3 this year.
your assignment income can be show under other income which you can show in ITR 1, I would suggest you to file ITR 1 for FY 2017-18.
You need to file ITR-1 for pension income. If you file ITR-1, you will not be able to file ITR-4 for next five years.
1. Yes, you need to file ITR 1 if you have only pension income.
2. Yes, you can again use ITR 4 whenever you have consultancy income.
You have to file ITR 1 Form , Forms depends on income type thus when you earn business income in future you can switch to ITR4/3 according
Answer to both questions is Yes