Head of income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2010 A CA working as paid assistant in a CA firm since 2009-10. The CA is holding a COP. The salary received - can it be shown as Professional income or it has to be shown as salary income in the income tax return. Till last year, income was shown as professional income in the return. Kindly clarify, want to know on urgent basis.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

26 May 2010 Salary Income.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

26 May 2010 AGREED, IT WILL BE TAXABLE UNDER HEAD SALARY .

Upgrade to CAclubindia Pro. Subscribe Now!

Rahul Gupta

Rahul Gupta (Expert)
Follow

26 May 2010 Agreed. It wil be slaary Income. For professional Income you need to hold COP.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

26 May 2010 yes salary income

Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2010 I am holding a COP. Till last year my income was shown as professional income. Since 2009-10, I am shown as paid assistant in this firm. So i want to know whether to show the monthly amount i receive as salary or professional income.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
Follow

27 May 2010 It depends on the employer. If he shown in books your services charges as professional charges and deducts your tds u/s 194J , then you have to shown professional income. If employer shown you as employee and done tds working as an employee, then salary income.