Income earned

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 March 2010 I have self-published a book of my stories. I sell the same through book-stores as well as direct. Now the income that I receive will be regarded as Business income or Professional income. Will it be termed as royalties or income in the first place.

Also with respect to payment of taxes on such income, is it required to disclose such income to the current employer. Will it be fine of reporting such income at the time of filing the return.

Kindly clarify

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)
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25 March 2010 your income regarded as Professional income.

disclose such income to your current employer is not mandatory its your description,

it will be fine of reporting such income at the time of filing the return.