IT returns for 2016-17

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  1. CS Nagaraj

    CS Nagaraj New Member

    I have received the salary for 4 months in this year and IT deducted under Sec 192 and for balance 8 months, the amount is under professional fees and IT deducted under Sec 194J. Please advise what is the procedure to file IT return online and what Form is to be used
     
  2. ZED

    ZED Well-Known Member

    ITR-4 would be required to be filed.
    Income in respect of which tax has been deducted u/s 194J has to be shown as professional Income.
     
  3. CS Nagaraj

    CS Nagaraj New Member

    Thanks a lot.
    In ITR4 - P&L statement, when account books are not maintained, only amounts for Gross Income, Gross Profit and expenses are to be entered. Please confirm.
    Also is there any %age of Income allowed for expenses?
     
  4. ZED

    ZED Well-Known Member

    Yes, First compute gross receipt then deduct direct expenses (that expenses which are directly related to providing the service) then find gross profit and from that deduct indirect expense.

    Those expenses which are incurred wholly and exclusively for the purpose of business can be allowed.
     
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