Income tax for self-employed

Krishna Srinivasan (Team Lead) (31 Points)

10 November 2011  

Hello Sir,

I would like to know what is the process for filing income tax for self-employed. My wife is working from home and earning more than Rs.30000 per month. The following are the carious source of the income:

  • The income is received through cheque through the company.
  • Some of the income directly deposited to the bank account by the customer
  • Other income would come through the PayPal (Online money transfer)

The nature of the business is doing job through internet and managing the websites.

I am not sure how to show the income and file the Income Tax returns. I think she has to use the ITR-IV for filing the returns. Is it required to maintain the books for filing the returns?. Should we hire auditor for this?

Please help me on this doubts and provide good suggestions.

Thanks,

Krishna