• IT professional along with conducting interview ITR filing

I am IT professional, along with salary, I am involved with other company to conduct interviews for which they pay me per interviews. They have provided tds certificates and they deduct the tax under 194J, I have plenty of questions:
1. Which itr do I need to file?
2. Do I need to file itr 1 too as I am salaried employee?
3. Can I avail the benefits of 44ada of itr 4?
4. Do I to need mention Sundary creditors, inventories, sundary debtors, cash in hand, these mandatory things on itr 4?
5. Can 44ada be availed only for 5 years?
Asked 4 years ago in Income Tax

You can use ITR 4 and just show minimum 50% amount as income.

No one needs to file one ITR for all income. You can read more here: https://www.taxontips.com/top-myths-relating-to-income-tax-return-busted/

You can avail depending on how the company has shown your services other than 194J section. Have you issued any bills?

You can mention them as zero if you don't have any.

No.

 

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo
CA, Jaipur
4303 Answers
101 Consultations

1.You will file ITR 4. Income from interviews can be declared under Sec 44ADA and 50% of it will be taxable.

2. Income from salary will also be covered in ITR 4.

3. Yes you can.

4. You can show these as NIL.

5. No 44ADA can be availed after 5 years also.

Ruchi Goel Anchal
CA, Gurgaon
525 Answers
16 Consultations

1. you can file ITR 4

2. ITR 1 not required

3. You are eligible for 44ADA

4. Yes , You have to mention those 4 details Mandatory

5. there is no limit of 5 Years.

Narendra Sonagra
CA, Ahmedabad
57 Answers

Hello,

 

1. ITR-4 should be filed.

2. No, Salary income would be declared in ITR-4 along with other income.

3. Yes.

4. Yes.

5. There is no such limit.

I hope this answer satisfies your requirements. It would be advisable to hire a practicing CA for the proper preparation and filing of your income tax return.

 

Regards,

CA Hunny Badlani

Hunny Badlani
CA, Madhya Pradesh
2608 Answers
16 Consultations

Hi

 

1. You need to file ITR 4.

2. No you don't to file ITR 1. ITR 4 will include the same.

3. Yes you can avail benefit of the same.

4. Only assets held for business purpose are required to be shown in the ITR-4. You can show Nil (Zero) value in respect of Sundry Creditors, Inventories, Sundry Debtors, Cash in hand etc. There will be no error on validation and you can file your return

 5. No there is no time limit 

Karishma Chhajer
CA, Jodhpur
2452 Answers
29 Consultations

1. ITR-3, since you will not be eligible for 44ADA. It is not covered.

 

2. No, you can only file one itr. Salary details will also be updated in ITR 3.

 

3. In my opinion, no.

 

4. Yes

 

5. No, if eligible it can be availed life long

Lakshita Bhandari
CA, Mumbai
5687 Answers
942 Consultations

- File ITR-4

- Only one ITR will be filed.

- Use 44AD instead of 44ADA. You can use 44ADA as you are having specialized skills in IT and providing services in such capacity but it may subject to scrutiny.

- If exists then yes.

- Atleast for 5 years unless circumstances allows to opt out of it.

Vivek Kumar Arora
CA, Delhi
5012 Answers
1135 Consultations

Dear Sir,

 

Hope you are doing well !!

 

1. You need to file ITR 4.

 

2.No, you can file only one ITR.

 

3.Yes, you may avail the benefits of 44ADA but subject to certain conditions.

 

4.Yes. You can show  Nil (Zero) value for the same.

 

5.There is no such limit.

However, if you opt for presumptive continue for 5 years and if you want to opt out, you'll be barred from resuming presumptive for a period of 5 years.

Payal Chhajed
CA, Mumbai
5189 Answers
302 Consultations

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