xyz_softwareen (IT) 27 June 2016

Income tax - which form i should fill ?

Hello,

I am software enginner working in MNC and also working as free lancer.

My Income tax deducated from my company as well as from my other employer from whome I m getting extra income as a professional fees.

Now I want to fill income tax. I already paid Tax for both. Both tax deducated from source.

Now According to rule I have to fill ITR 4 (Professional fees more then 2 lakh). But I dont want to fill all details
there are many details in ITR 4 as well as I have to keep book. which is difficult for me.

Is it ok if I am fill ITR 4s or ITR1 ?

TAX already deducted from both places. Only question is what is the problem if I fill ITR1 ??

Give details problem if I come in any inquiry.

Thank you.

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4 Replies

G.L.N. Prasad (Retired employee.) 28 June 2016

When you are earning subtantially, and has the capacity to earn more, you should not bogged with such income problems and focus on profession only. Entrust this to a sincere Chartered Accountant. The fees you pay to him may be nominal, but in return you can retain mental peace and can concentrate on your profession. It is always better to depend on professional advisers. The difference between evasion and avoiding through exemptions will be known to you once you associate. As you are capable of learning, once you attain a grip then manage your affairs independently, till then during growing stage, always take professional advises.

JustAdvisor (IT) 28 June 2016

i agree with learned expert's advice. Let your CA handle within the four corners of law.

Ms.Usha Kapoor (CEO) 20 August 2016

Dear Client,

you should file in form S which is much simplr than the bulky form 4 ITR .

o., ITR 4S is a much simpler form to fill compared to the bulky 20-page-long ITR 4, if you have income from a business or are a freelancer. If you choose ITR 4S, there is no need to maintain books, profit &loss statements or audits

Ms.Usha Kapoor (CEO) 20 August 2016

You file form 4 S which is much simpler than form 4 which is a lengthy and vbulky 20 page document.Since your professional income is less than Rs.50 Lakhs you can file ITR Form 4S. There is no needfor maintaining books , Profit and loas acount statemens and audits. since you are afreelancer apart from salaried employee.