Which ITR Should I choose for firms return For AY 14-15

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  1. Neha Agarwal

    Neha Agarwal Member

    I have a Consultancy firm work as commission agent Tata teleservices which has income for F.Y 13-14 a sum of Rs:- 124689 & TDS was deducted by TATA company u/s 194H Rs:- 12470/- for F.Y. I just wanna know which ITR should I choose for firm's return & can i get as a refund by filling ITR, bcoz I came to know if firm has income even a Rs:- 1 then Tax will be deducted...isn't there any exempted limit for firm or not.
     
  2. Karan Batra

    Karan Batra Well-Known Member

    Dear Neha

    ITR 4 would be suited to your kind of income (assuming that you are not in partnership)

    If Rs. 124689 is the only income earned by you during FY 13-14, then the TDS deducted i.e. Rs. 12470 would be fully refunded to you as the income is less than Rs. 2 Lakh.

    PS: No Tax is levied on Income less than 2 Lakhs
     
  3. Neha Agarwal

    Neha Agarwal Member

    Karan It is proprietor Ship firm....but As I came to know, there is no exemption limit for Firm, i.e If firm has income for FY Rs 10 thn tax will be charged on it......is exemption limit is available for Proprietor ship or partner ship firm as its applicable for Individual & HUF
     
  4. Kartheek

    Kartheek New Member

    Dear Neha

    Proprietor means equivalent to Individual.Your income is less than Rs.2lacs,you will get entire amount as refund.
     
    Neha Agarwal and Karan Batra like this.
  5. Karan Batra

    Karan Batra Well-Known Member

    As Kartheek rightly said, Tax on Propietorship Firm is levied as per the Income Tax Slab Rates and there is no tax on income less than Rs. 2 Lakhs.
     
  6. Neha Agarwal

    Neha Agarwal Member

    thx both of you.....
     
    Karan Batra likes this.
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