Tuition fees income

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sivakumar

sivakumar (Querist)
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16 March 2015 Hi,
My wife have income from tuition class how to account and what type of income

CA Kapil Verma

CA Kapil Verma (Expert)
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16 March 2015 It is a income form Business and profession.

a Profit and Loss account is required to be maintain to file ITR-4

But you can file ITR-4s if you not maintain books of accounts.

sivakumar

sivakumar (Querist)
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16 March 2015 Thanks for your reply, Monthly tution fees Rs.65000/- what is tax liability please clarify.

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CA Kapil Verma

CA Kapil Verma (Expert)
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16 March 2015 so the gross receipt is 7,80,000/-

if ITR-4s is to be file minimum 8% profit is required to be shown i.e 62400/-

Exemption limit of income is Rs 220000/- in your case. so you can show more profit.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 March 2015 income from providing professional services cannot utilised itr4s i.e sec 44ad but only file itr4

CA Kapil Verma

CA Kapil Verma (Expert)
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16 March 2015 Dea Tushar ,

Teaching is not a specified profession please refer rule 6F.

http://www.incometaxindia.gov.in/Tutorials/Maintenance-of-Books-of-account-Theory.pdf

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 March 2015 firstly rule 6f defines specified professionals for sec 44AA for purpose of maintainence of books of accounts and nt sec 44AD.

secondly refer the definition of non specified profession which means which are not specified in list.