Ayush Maheshwari (Student) (138 Points)
20 May 2016
Vinay somani (CA, CS)
(Assistant Manager-Accounts)
(549 Points)
Replied 20 May 2016
u should file ITR 2
ITR 1 is For Individuals having Income from Salary & Interest.
ITR 2 is For Individuals & HUFs not having Income from Business or Profession
Harshad Kanekar
(Taxation and Accounts Executive)
(314 Points)
Replied 20 May 2016
I agree with Vinay Somani
RAJESH RANJAN JHA
(ARTICLE ASSISTANT)
(251 Points)
Replied 21 May 2016
U havecto show ur stiepend income in other source and tution income in pgbp
shivam agarwal
(ca student)
(175 Points)
Replied 22 May 2016
You Should go with ITR-4
Show your stipend income as income from other sources and tution receipts as income from PGBP
Note:- There are some views regerding stipend as exemp income but as per my view that is not a correct view so for safer site go with taxable the same.
If any tution receipt or any other income found fictitious then that will be taxable at flat rate of 30%.
So be sure about the correctness of receipts before filling the same.
Eshwar V
(Asst Prof of Commerce)
(54 Points)
Replied 22 May 2016
It is good to declare tuition fees as income from profession (ITR 4) subject to you are legally permitted to run such tuitions, as you told you have stipend, please re check the terms of agreement.
ELSE use ITR 1, Declare as income from other sources
If your income declared from profession or other source exceeds 150000 you have to maintain books of accounts
anonymous
(student)
(750 Points)
Replied 23 May 2016
ITR 4 please... show tution income.. claim some expenses tooo... this will help you in creating some book cash...!!
CAclubindia
