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Itr form

kailashchandra behera (Accoutant) (90 Points)

03 September 2012

Respected Experts, Pls tell me which ITR form should be filling online by a tuition fees income holder....

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8 Replies

Manish Negi (Expert) (394 Points)
Replied 03 September 2012

ITR-4, because it covers under the head " Income from Business or Profession".

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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

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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