Income from consultancy

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 July 2015 I have a regular salary job for 10 months in last year. For two months, I have done consulting (engineering/software). The income from consulting is less than a lakh of rupees.

1) Which return form do I fill? Under which head will I enter my consultancy income?

2) Do I need to get my accounts audited? or Can I maintain books on my own. I have very simple expenses like phone/internet. No depreciation etc.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 July 2015 1 File ITR 4, consultancy income enter it as profit from business or profession.
2 No need for audit. Maintain your own books and claim the expenses.

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Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2015 While filing return for AY 2015-16 for the consultancy (software consultancy, less than 1L, expenses are only telephone and conveyance). I am maintaining my own accounts

Should I fill under category where books of account are maintained or under "no account case" (Section P&L)

what should I fill for

Are you liable to maintain accounts as per section 44AA (section - general)

Method of accounting (Mercentile or cash) -- section OI

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 August 2015 Not liable to maintain accounts as your income is less than 1.20lacs.
You can choose either cash or mercantile.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 August 2015 Thank you for all the help. My this year return is closed.

However, for this FY, I have a business income of about 6.0 L till August after which I am a full time employee.

I have simple expenses like phone, fuel, some repairs and hospitality (less than 50k).

Questions:

1) Can I maintain accounts on my own
2) Do I need to get it audited
3) any other stuff that i need to take care?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 August 2015 1 You can maintain accounts your own.
2 No need for audit.
3 Nothing.

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