Under which head to show "consultant fees" received and which itr form to file?

Sangeeta (Chartered Accountant) (39 Points)

24 July 2019

Mr. A has earned professional fees being "consultant fees" during FY 18-19. The applicable TDS has been deducted under section 194J and deposited.

My question is: Under which head should I show this professional fees: Income from Business and Profession or Income from Other sources?

Also, which ITR to be filed - ITR 3 or ITR 4?

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5 Replies

konark patel (16 Points)
Replied 24 July 2019

under the head of business and profession

CA ABHAY GUPTA (Practice) (3230 Points)
Replied 24 July 2019

if Receipts less than Rs 50,00,000/- then show 50% as income and file ITR 4.

Sangeeta (Chartered Accountant) (39 Points)
Replied 24 July 2019

Thank you

CA Navya Tejas (Chartered Accountant) (132 Points)
Replied 24 July 2019

If you are opting for presumptive based tax, then ITR 4. Or else, ITR 3. It shall be shown under the head business and profession.

Sangeeta (Chartered Accountant) (39 Points)
Replied 26 July 2019

Thank you for the response.

Considering ITR 4 is filed, can you please guide me as to which profession code can I select for a GRAPHIC DESIGNER / AD MAKER / AD DESIGNER?

because I am unable to see any such drop down for profession code. Can it be considered under code 20010-Individual artist excl authors?

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