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Tuition and rent income doubt different problem

ashu (mgr) (37 Points)

12 July 2018

Hi.. i am a housewife, I have a let out property which we rented out for Rs 150000 per year, i take tuition of my neighbor children and i have income of Rs 160000 per year from tuitions (i dont have registration). and zero interest income. kindly guide which tax form should i fill ?

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7 Replies

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 12 July 2018

AS OF NOW TILL YOUR INCOME DOES NOT CROSS BASIC EXEMPTION LIMIT I.E 250000 YOU MAY FILE ITR2 AND ONCE LIMIT WILL CROSS SHOW TUTION INCOME AS BUSINESS INCOME AND CLAIM EXPENSES TO REDUCE TAX BURDEN

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ponnusamy (Student) (33 Points)
Replied 12 July 2018

Hi,

you must file ITR 4 form

Ruchika Somani (Coaching and Practice in Tax Audit Law.) (4429 Points)
Replied 12 July 2018

Originally posted by : ponnusamy
	Hi, you must file ITR 4 form

I DISAGREE. HER INCOME IS ALREADY BELOW LIMIT.

ITR2 WILL BE PERFECT TO AVOID ANY NOTICE

ashu (mgr) (37 Points)
Replied 12 July 2018

thanku for ur kind reply maam, i want to ask that if my income crosses the limit of Rs250000 then while filling ITR 4 can i simply show tuition as business income without registration ??

Anjali P Nair (ACA,ACMA) (582 Points)
Replied 12 July 2018

Yes madam.You can file ITR 4 for your tution fee income.You can opt 44 AD and declare 8% or more of your total tution fee receipt as your income from business(service income).

You can use business code '17007" & renal income as income from house property.