I have helped someone , consultancy for his business purposes.
He gave me ₹800000 for that help but not as a gift .
But my main business is not giving consultancy.
kindly tell in which section and head will it be covered ?
Thank you .
11 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14831 Points)
Replied 26 January 2023
What is your main business?.
AKSHAT JAIN
(2 Points)
Replied 27 January 2023
Show as PGBP under 44A series or a gift from relatives during shaadi season or valentine season 😊
sabyasachi mukherjee
(27636 Points)
Replied 27 January 2023
NO NOT ACCEPTED. THERE IS EVERY POSSIBILITY OF QUERY. IS THAT YOUR MAIN PROFESSION.
CA. Chikkerur C R
(PRACTICE)
(3584 Points)
Replied 27 January 2023
SECTION 194J/194C is applicable for TDS and Need to do file ITR3 as business
Abinash Panda
(80 Points)
Replied 27 January 2023
Sir I want to know in which head will it be taxable or not ? 🙏
CA LAVESH VASYANI
(CA IN PRACTICE)
(150 Points)
Replied 27 January 2023
If consultancy is only casual or not regular work, it is better to show under head "Income from other sources".
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