my cousin is a collection agent in a bank. he got a gross payment of rs.11 lakhs (9 lakhs u/s 194 H & rs.2 lakhs u/s 194J). my doubt is can we show income & expenditure type of a/c for 2 lakhs and apply 8% (44AD) for the remaining 9 lakhs ? or shall we apply 8% for the entire 11 lakh receipts?
22 July 2011
Yes. You can do so. But then you need to file the return in ITR-4. I still want some clarification regarding the nature of income u/s 194J. Which type of service is your cousin providing. So that i can answer it more elaborately.
he is loan collectin agent. (two wheeler loan, car loans) he has employed few staffs under him & paying them salary. while he is getting his payment from banks after deduction of TDS.
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