Amit (Accounts Manager) (109 Points)
22 July 2015One of my friend is getting small income as advisor in case of loan application. He does not have big business as such. his income is around 1.50 lac in the year 2014-15.
know shoul he has to file ITR -4 or ITR -1 in that he can claim as income from other sources.
he does not have any other income ?
CA Suri Kota
(Assistant Manager @ EY)
(955 Points)
Replied 22 July 2015
It does not mean you shuld have a real business setup to earn such income. As income earned thru Advisory services, which can be termed as a Profession, he can file ITR 4 but certainly not ITR 1.
Thanks,
Suri
Amit
(Accounts Manager)
(109 Points)
Replied 22 July 2015
Thanks for reply
He didnt prepare Balance sheet n all.
Can we file ITR 2 and will show it as income from other sources and claim TDS deducted on that.
Vaishnav.H
(CA Final Student)
(38 Points)
Replied 22 July 2015
Since income as an advisor is a professional income, he have to file ITR-4 . 
ganesh ramchandra purekar
(auditor)
(78 Points)
Replied 23 July 2015
Revanth
(Job)
(145 Points)
Replied 23 July 2015
You need to file only ITR-4 only under professional income
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