Originally posted by : Aakash |
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Hi,
I have got consultancy fee of 50,000/- PM from a company after TDS of 10% from April 2010 to Feb 2011. Again i got consultancy fee of 100,000 after tds from another pvt company ( i am one of the director of this pvt company). Now i want to file my ITR. I am confused, how to proceed. can anyone help me regarding below mentioned points:-
1. Which ITR Form---I think ITR 4
2. What are the expenses i can deduct from Rs. 750,000.
3. Whether i need to prepare P&L and B/S. if yes, what are all the item i have to include in it.
4. is there any deduction of Rs. 250,000 for consultancy fee (for female)
Kindly help me out. |
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1 ITR IV (provided your TDS is dudcted u/s 194j & not u/s 192)
2 All the related expenses like conveyance, telephone or any other related expenses.
3 yes you have to prepare P&L & balance Sheet, In balance sheet you must show cash balance, bank balance, capital, current assets - TDS etc. and any other item you want to include i.e it should be related to your work.
& in P & L, Direct Income - 7,50,000, Indirect Income - Savings bank Interest etc. And all other expenses charged as deduction against that income u/h direct expenses (directly affecting your work) & indirect expenses (indirect exp. like telephone exp., conveyance exp. etc.)
4 you have to show that income from her business, i.e itr 4, same as above
I think this will solve your purpose.
-Regards
Dheeraj Batra