Select ITR 1 or ITR 4?

Last post 06-23-2011 8:25 AM by alapati17. 1 replies.
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  • 06-23-2011 7:34 AM

    Select ITR 1 or ITR 4?

    If the company has issued Form 16A for the TDS deducted, which form would be applicable ITR 1 or ITR 4?

    1st thought says - Since TDS certificate is Form 16A & not Form 16, I think it is a professional fee & not salary, hence ITR 4 would be applicable

    2nd thought says - the only other income is interest from Bank. Hence if we treat income from the company as salary (since it is fixed & paid every month) ITR 1 can be filed

    which thought is correct?

    • Post Points: 20
  • 06-23-2011 8:25 AM In reply to

    Re: Select ITR 1 or ITR 4?

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     Hello Sneha

    ITR - I can be filed only by Individuals having income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)] 

    The assessee is required to furnish details in accordance with Form 16 issued by the employer(s) in respect of salary income and in case of Form 16A issued by a person in respect of interest income and other sources of income only.

    As for the Form 16A issued by the employer, the nature of payment mentioned would be either Payment to Contractors or Professional Fees. Both these receipts are not chargeable under the head Salaries but have to be considered under Business or Proefesional Income. Hence you need to file ITR 4  form

     

    • Post Points: 5
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