Part time salary and section 44ad
This query is : Resolved
02 November 2011
hi,One of my Friend earn part time salary (who see the ESI & PF related documentation-not accountant)from 10 to 12 firms having gross annual receipt of 150000 less expense around 45000/- so net income 105000(150000-45000) and also receive full time salary of Rs 80000/- annually .so his total income Rs 185000/-.
1) can he file return under section 44AD 2)can he treat part time salary as professional income & is he required to maintain book of accounts..please suggest.
1) can he file return under section 44AD 2)can he treat part time salary as professional income & is he required to maintain book of accounts..please suggest.
04 November 2011
Dear Anuj,
You just mentioned PART TIME SALARY. For an income to be charged under the head Salary there should be employer and employee relationship. So if the employer employee relationship exists whether its a part ime or full time, it shall be charged under the head Income from Salary.
You just mentioned PART TIME SALARY. For an income to be charged under the head Salary there should be employer and employee relationship. So if the employer employee relationship exists whether its a part ime or full time, it shall be charged under the head Income from Salary.
04 November 2011
thanks for the reply sir.but can we treat it as professional income if i not use the word part time salary.
05 November 2011
You may treat the income as Consultancy Charges Received.
Since your friend is not a qualified professional (like CA, CS, CMA etc) as referred in Section 44AA(1), his income may be treated as Business Income.
He can file his Return U/s 44AD by showing such Consultancy Income as Business Income.
Since your friend is not a qualified professional (like CA, CS, CMA etc) as referred in Section 44AA(1), his income may be treated as Business Income.
He can file his Return U/s 44AD by showing such Consultancy Income as Business Income.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
