07 April 2015
Dear Sir/ Madam
I am employed for full time in a college and I also take tuitions privately for students.
For AY 2015 - 16 I want to declare my income and mainly I am doing for the purpose of using it for any bank loan in near future
Do I need to prepare Income and expense account and declare tuition income as income from profession ITR 04
or Shall I declare it as Income
from other sources ITR 01
Please help me in this regard
07 April 2015
As you are taking tuition privately show it under income from other sources and file ITR 1. Bank will only see the quantum of your earning.
CAclubindia
