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Income from consulting

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 August 2015 I have just started consulting with a It services company on a monthly retainer of Rs.5 lakhs.

For Income tax will i be able to treat it as business income under sec 44 AD and pay tax @8 % ..

What if i get another cuatomer and my income goes above ₹ 1 cr next year .
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 August 2015 You can't treat it as business income under sec 44AD. This year itself you are liable for tax audit as your income exceed 25 lacs.

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