Professionals' fees are not counted, salary, know what is to be filled, which ITR form
If you are a service provider then the person taking the service from you will pay you by deducting TDS.
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[New Delhi]: The last date for filing the Income Tax Return for the fiscal year 2017-18 (Assessment Year 2018-19) is fixed on 31 July 2018. In such a situation, you have enough time left. Recently, seven forms of ITR have been issued by the Income Tax Department. There is a definite form for those who earn income from different income groups and other other job types. That is, you can fill it out of these seven forms by selecting the ITR form according to your eligibility. We are informing you in this news that what ITR form is necessary for Professionals.
Professionals' fees are not considered salary?
Professionals are people who provide their services to others. That is, there are businessmen who are earning but they are not considered salaries, because the concept of salaries in the technical language is related to a place where employees and employers are dependent on one another. We talked to Ankit Gupta, a tax expert and charted account in this regard.
Understand with the example: If you have to get a fee of Rs 30,000 then your service tax will be deducted by deducting 10% TDS. It is mentioned in section 194 J of income tax. Such people will either fill ITR 3 or ITR4
ITR 3 For whom: Professionals who receive more than five million a year for fees, and are accountable for conducting the audit, they have to fill this form.
ITR4: For those who are not auditing, the ITRs have to be filled.
What refund will not get?
Regarding the form of a refund: You get a refund. But if your tax amount exceeds TDS, then you will not get a refund.