Tuition fees income
This query is : Resolved
16 March 2015
Hi,
My wife have income from tuition class how to account and what type of income
My wife have income from tuition class how to account and what type of income
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.
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.
16 March 2015
Thanks for your reply, Monthly tution fees Rs.65000/- what is tax liability please clarify.
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.
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.
16 March 2015
income from providing professional services cannot utilised itr4s i.e sec 44ad but only file itr4
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
Teaching is not a specified profession please refer rule 6F.
http://www.incometaxindia.gov.in/Tutorials/Maintenance-of-Books-of-account-Theory.pdf
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.
secondly refer the definition of non specified profession which means which are not specified in list.
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
