• ITR 1 or ITR 4

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 3 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.
Vivek Kumar Arora
CA, Delhi
1422 Answers
31 Consultations

5.0 on 5.0

Hi,

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,
Payal Chhajed
Payal Chhajed
CA, Mumbai
735 Answers
2 Consultations

4.8 on 5.0

Hi

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.
Lakshita Bhandari
CA, Mumbai
2021 Answers
63 Consultations

5.0 on 5.0

Hi Sir

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.
Varun Chawla
CA, Ghaziabad
72 Answers

5.0 on 5.0

Hi,

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.

Regards,
Nikhil.
Nikhil Khanna
CA, Mumbai
1203 Answers
11 Consultations

5.0 on 5.0

Hi,

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.
Abhishek Dugar
CA, Mumbai
3469 Answers
156 Consultations

5.0 on 5.0

Good Morning 

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
Lalit Bansal
CA, Delhi
557 Answers
37 Consultations

5.0 on 5.0

Answer to both questions is Yes
Pradeep Bhat
CA, Bengaluru
477 Answers
30 Consultations

5.0 on 5.0

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