Income from salary and profession
CA Rachit Gupta (Chartered Accountant) (1315 Points)
27 July 2014CA Rachit Gupta (Chartered Accountant) (1315 Points)
27 July 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 27 July 2014
He will have to file ITR-4 so that he may claim expenses deduction, and then only Rs. 50,000/- will become taxable.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 28 July 2014
CA Rachit Gupta
(Chartered Accountant)
(1315 Points)
Replied 28 July 2014
Hello
If he claims Rs.50,000 as income from profession. Then tax become refundable as TDS is deducted on gross receipts of Rs.3,00,000
He is not required to prepare books of accounts.
If in future AO opens the case, then how can assessee justify that he claims an expenditure of Rs.2,50,000 as he is not required to prepare books of account.
Please suggest.
Thanks
Rachit
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 29 July 2014
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