Dear Friends
A lady has income of Rs. 400000 during previous year 14-15 from coaching she gives.
under what head will this income go while filing ITR.
regards
Menu
Coaching
Replies (4)
If u treat tution fees as income from profession then file itr 4
if u treat income as income from other sources,go for itr 2.
The lady has to file ITR4.. Prepare a small BS and Pl.
All expenses such as Electricity, Rent,coaching material cost, travelling , telphone/internet/mobile charges and any other expenses can be taken.
proper Profit needs to workded out. If the lady is gettting salary from some place then salary sheet should be filled. All other sheets such as income from house property etc should be filled properly.
I hope this helps.
Dear Shiroor
Why cant it be under income from other sources?
what criteria decides it ?
bcoz Coaching is a professional trade it cannot come under income from other sources.
You can put under other sources but in case any query comes from IT dept than it will problem.
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
