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how to account a home tutions income and expenses in tally

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(Querist)
20 November 2016 hello. i m teaching to a childrens upto 8th standard and i m getting fees in cash. so how to maintain accounts of this income in tally. and how much income is exmpted to income tax
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Sandeep Dharar

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Sandeep Dharar (Expert)
21 November 2016 U can pass a journal for cash receipt from tution income :-
Cash Dr
To Income from Tution.

The accumulated income upto 2.5 lakh in a year, is exempted from Income Tax.
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supriya

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supriya (Querist)
21 November 2016 how to show household expenses in which head
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Sandeep Dharar

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Sandeep Dharar (Expert)
22 November 2016 The individual can't claim household expenses as deduction in ITR

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