Respected Experts, Pls tell me which ITR form should be filling online by a tuition fees income holder....
kailashchandra behera (Accoutant) (90 Points)
03 September 2012Respected Experts, Pls tell me which ITR form should be filling online by a tuition fees income holder....
Manish Negi
(Expert)
(394 Points)
Replied 03 September 2012
ITR-4, because it covers under the head " Income from Business or Profession".
CA VIPUL PATIL
(CA IN SERVICE)
(61 Points)
Replied 03 September 2012
Tution fee income is your income from business & Profession therefore ITR 4 (assuming entity is not P'ship firm or Company)
if your business size is small or is in idol capacity then u can treat it as OTHER SOURCE income then ITR 1 can be filled Provided u dont have any capital gain income or u dont have more than one house property if u have capital gain income or more than one property then ITR 2
kailashchandra behera
(Accoutant)
(90 Points)
Replied 03 September 2012
Thanks alot vipul and manish
Ganeshbabu K
(Audit and Tax Advisory)
(48564 Points)
Replied 03 September 2012
of course u can use other sources from itr1
but
IF U FILE ITR4 U CAN CLAIM SOME EXPENSES AGAINST YOUR TUTION FEE,,WHICH REDUSES SOME AMOUNT OF UR TAX LIABILITY
CA VIPUL PATIL
(CA IN SERVICE)
(61 Points)
Replied 03 September 2012
in Other source also u can claim EXPENSES U/s 57
Alok Srivastava
(Consultant)
(210 Points)
Replied 03 September 2012
If your coching is not register then u can file ITR 4S or ITR 4
. ITR 4S is most easier then ITR 4 and you can also claim expenses in it.
CA VIPUL PATIL
(CA IN SERVICE)
(61 Points)
Replied 03 September 2012
ITR 4S is only for small Business where the total sales/turnover/gross recipts (business) is .
upto Rs 60 Lack
Income from such business is calculated on Presumtive basis i.e 8% of total sales/Turnover/Gross recipts from BUSINESS & no further expensess can be claim U/S 30 to 43 except remunaration to partner in case of P'ship firm
It is also applicable to sec 44AE,44B,44BBA presumtive income
CA Apoorva Gaurav
(CA)
(368 Points)
Replied 03 September 2012
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
