Having 2 types of Income in a single PAN

This query is : Open

DIVYESH JAIN (Querist)
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06 December 2020 Dear Sir,

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.

Regards,
Divyesh Jain

Nikhil Kaushik

Nikhil Kaushik (Expert)
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06 December 2020 wondering what taxation services are you providing! what you are asking is such a basic question...

DIVYESH JAIN

DIVYESH JAIN (Querist)
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06 December 2020 Dear Nikhil,

My dad was a CA who expired last year in 2019 and hence I have to take all his income which he earned in my account hence facing this issue.

I am not a CA.

If you know the solution then please reply.

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