I am employed at a firm and draw salary from there. At the same time, I do professional advisory as well resulting in consulting income. (Just like doctors have private practice and salary)
How do I treat these incomes and at the same time which ITR form should I use to file my returns so that I can deduct the expenses that I incurred for consulting as well.
Any help in this regard will be highly appreciated.
10 November 2015
Thanks Amol. But it says - For individuals and HUFs having income from a proprietary business or profession.
It doesn't talk about salary.
Also - there are different PARTS and SCHEDULES to it. Whether all parts are valid in my case? Do I need to create a balance sheet and P&L statement as well for consulting?
10 November 2015
If your profession is a specified profession not eligible for presumptive taxation u/s 44AD than you have to file ITR 4 showing salary and advisory income separately.
In case you are eligible to take advantage of presumptive taxation u/s 44AD, you should fill in form ITR 4S showing income from profession more than or equal to 8% of gross receipt and salary income separately.
Both these forms, i.e., ITR 4 & ITR 4S accommodate salary income as well.
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