Tution fees
This query is : Resolved
06 January 2012
Is private tuition fees received by a housewife taxable as income from profession or income from other sources?
06 January 2012
Hi Vijay,
It will be charged to tax as Professional Income.
It will be charged to tax as Professional Income.
06 January 2012
Thanks Parth, one more query- whether she has to maintain books of accounts if her income exceeds 1,20,000?
06 January 2012
Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—
(i) if his income from business or profession exceeds 53[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 54[ten lakh] rupees in any one of the three years immediately preceding the previous year;
Hence U/s 44AA books has to be maintained.
(i) if his income from business or profession exceeds 53[one lakh twenty] thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 54[ten lakh] rupees in any one of the three years immediately preceding the previous year;
Hence U/s 44AA books has to be maintained.
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