I am having 2 types of Income i.e. Contract Income of Rs. 15 lacs on which TDS is deducted @ 1% and Professional Income of Rs. 3 lacs which I receive for providing various taxation and other consultancy services. On this professional income no tds gets deducted but I have to show in Balance sheet as my income.
I wanted to know will there be any query raised by Income tax department in future if I show 2 types of Income in my file and whether it is now right if I file the return U/s. 44AD as I used to do it previously when I was having only Contract income.
My total turnover doesn't exceed Rs. 20 lacs in the entire financial year.
Please suggest me in this matter as I have to still file my return for F.Y. 2019-20.
CAclubindia
