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
4 Replies
Anmeet Singh
(Student)
(109 Points)
Replied 29 August 2015
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.
S. Shiroor
(Others)
(1207 Points)
Replied 29 August 2015
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.
Shivani
(Learner)
(1881 Points)
Replied 29 August 2015
Dear Shiroor
Why cant it be under income from other sources?
what criteria decides it ?
S. Shiroor
(Others)
(1207 Points)
Replied 29 August 2015
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.
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