21 June 2015
One of my friends who has been retired and getting pension has started business as professional in designing and architecture and got commission after deducting 10%TDS under section 194J. He also employed some person on temporary basis and paid salary to them for completing the job. He has also incurred expenses for overseas trip for some other event against which he got some Income. He has no professional degree.
Now what type of Income Tax return he should file.
Whether he can deduct incurred expenses from Business Income.
Or can he simply show 8% profit of the Gross Commission earned?