Consultancy fee

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Aakash (Querist)
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31 August 2011 Hi,

I have got consultancy fee of 50,000/- PM from a company after TDS of 10% from April 2010 to Feb 2011. Again i got consultancy fee of 100,000 after tds from another pvt company ( i am one of the director of this pvt company). Now i want to file my ITR. I am confused, how to proceed. can anyone help me regarding below mentioned points:-

1. Which ITR Form---I think ITR 4

2. What are the expenses i can deduct from Rs 750,000.

3. Whether i need to prepare P&L and B/S. if yes, what are all the item i have to include in it.

Kindly help me out.

H B BHASKAR SHENOY

H B BHASKAR SHENOY (Expert)
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01 September 2011 Yes it is ITR 4
You come under compulsory maintenance of accounts and so you must prepare your books of account, and p & l and balance sheet.
P&L: you must include all expenses which you have incurred for the purpose of earning this fees; like conveyance, telephone, printing and stationery etc. If you have an office, rent, electricity - whatever you have spent for the purpose of your consultancy business. An exhaustive list is never possible