• Filing Return for Income from Salary(192) and Profession(194J)

I need few clarifications on filing ITR for FY 2016-17 where i have worked 7 months as Salaried Employee and 5 months as IT Consultant. Below are my queries:

1. Is ITR 4 the right form to fill?
2. Can i show my Consultant Income (194J) under Section 44ADA and get a Presumptive Income on 50% of the total amount i received?
3. I got Gratuity from my Salaried Employer but it is not shown in the Form 16 though it is shown in Form 26AS. Do i need to add the Taxable Gratuity to the Income from Salary head in ITR 4?
Asked 6 years ago in Income Tax

1. Yes,

2. Yes you can avail the benefit

3. Yes you need to add as Salary income

Vidya Jain
CA, Kolkata
1008 Answers
58 Consultations

4.8 on 5.0

1. Yes

2. ITR 4

3. Yes

4 yes. After making payment, challan generated will have challan no and type will be self assessment tax

Vidya Jain
CA, Kolkata
1008 Answers
58 Consultations

4.8 on 5.0

1. Yes ITR 4 is the right return to file if you fall within the definition of professionals defined for the purpose of section 44ADA.

2. Yes, provider you fall within the definition of professionals.

3. Yes.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

You can refer the below mentioned definition for your reference:

Professionals referred to in section 44AA (1) of the Income Tax Act whose gross receipts in total from profession does not exceed Rs. 50 Lakhs in the relevant financial year.

1) Legal

2) Medical

3) Engineering or architectural

4) Accountancy

5) Technical consultancy

6) Interior decoration

7) Any other profession as notified by CBDT

Authorized representatives

Film Artists

Certain sports related persons

Company Secretaries and

Information technology

Abhishek Dugar
CA, Mumbai
3576 Answers
183 Consultations

4.8 on 5.0

Hello,

You can choose Challan 280 - Income Tax Other than companies - Self Assessment Tax.

Trust this clarifies your query.

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

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma
CA, Mumbai
2104 Answers
95 Consultations

5.0 on 5.0

Hi,

You will have to fill Challan No. 280. The type of payment will be self-assessment tax. Your bank account should give you an option to pay it electronically.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Keerthiga Padmanabhan
CA, Greater Mumbai
784 Answers
27 Consultations

5.0 on 5.0

I suggest that you should use standard software for the filing of your IT Return which minimises the errors in your calculations, if any. It will also pick up the right form and you should be able to make e-payment of tax through the software. If there is an error in specifying the assessment year or nature of tax liability, it will unnecessarily create mismatch in your tax credits.

1) The right form for you is ITR 4.

2) You can opt for presumptive tax.

3) You need to taxable gratuity in your IT Return. However, pl. check the year in which it was given. There will not be any mismatch between Form 16 and 26AS, if the Form 16 is downloaded from the TRACES.

4) You can claim deduction u/s 80C in respect of PPF contributions from your both kids.

5) You can use ITR 4, by opting for presumptive tax.

6) Deductions u/s 80C are allowed even for income from profession.

7) You need to select ITNS 280. The type of payment is "Self Assessment tax". You also need to check "Income Tax on other than companies" at the top.

8) You can make online payment through your net banking or directly accessing https://onlineservices.tin.egov-nsdl.com/etaxnew/PopServlet?rKey=822604814

B Vijaya Kumar
CA, Hyderabad
1001 Answers
124 Consultations

5.0 on 5.0

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