Dear Mr. Mihir, I was working for a private company and retired on superannuation in November 2022. Thereafter, I was engaged by the company as a consultant to complete some pending project. Therefore during the financial year 2022-23, I have salary income from the company and also some amount the company paid to me for professional services for my consultant role after retirement. Which ITR form should I use, ITR-2 or ITR-3? I have income from salary and also from professional service.
Regards
Ans: After retirement you were working on as profession on full time basis, thus, it will be chargeable under the head Income from Business and profession. If your profession is covered by list of profession mentioned in 44AA and gross receipt from profession is less than 50 lacs, you can opt for presumptive taxation and take 50% deduction. If presumptive taxation is opted, you can file ITR 4 else ITR 3 is applicable.