Mikhil Gupta (Student) (50 Points)
16 April 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177972 Points)
Replied 16 April 2017
If Tuition income is main source of income, choose ITR 3; else go for ITR1.
Mikhil Gupta
(Student)
(50 Points)
Replied 16 April 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177972 Points)
Replied 16 April 2017
Option 2: If you wish to deduct any exepenses incured for generating the tution income, declare it under PGBP head; where in you will have to file ITR 3 with BS & P&L acc details.
But there is no tax liability (as after rebate u/s. 87a); so you may use ITR 1 Sahaj, and declare the tution income under IFOS. As there is no tax liability, no concealment of any income; hence no chance of any interest or penalty.
Mansoori M. Zubair M.salim
(M.Com / IPCC cum ATC / CA Final)
(208 Points)
Replied 17 April 2017
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