It return

This query is : Resolved 
 

(Querist)
15 June 2017

sir, My income as below, which ITR is suitable for me,
i) Director remuneration Rs 100000 only (from Company)
ii) Interest, remuneration and Profit From Partnership Firm
iii) Income From Other Sources
iv) Income From House Property
pls Help me Sir Its Urgent... if i use itr-3 where i will show in ITR, directors remunaration from company? and is it prepare P & L and B/s for Director remunartion ?

is it possible without prparation of p/l and b/s for director remunartion ?


Amol S Joglekar (Expert)
15 June 2017

you do not have to prepare profit and loss account for director's remuneration

amarender (Querist)
16 June 2017

where should i show direcotor remunaration in IT RETURN?

Amol S Joglekar (Expert)
16 June 2017

you can show it under salary, if it is salary.
Else you can show it under "income from other sources"

amarender (Querist)
16 June 2017

but TDS is deducted U/s 194J ..so it is professional income...how can i show in other income?

Amol S Joglekar (Expert)
16 June 2017

Very good query........ that is what is called as difference between LAW and Practice.
You have option to show it under income from other sources or income from profession. Choice is yours.

amarender (Querist)
16 June 2017

if showing as professional income..is it prepare p/s and b/s for director remunaration nd how should i prepare p/l and b/s ..how should i taken expense and assets and liabilities

Amol S Joglekar (Expert)
16 June 2017

what is the amount of remuneration?...based on that take the call if P&L is to be prepared.
In normal circumstances, P&L etc. is NOT required to be prepared.

amarender (Querist)
16 June 2017

the amount is 200000

Amol S Joglekar (Expert)
16 June 2017

no need to prepare P&L in that case. You can deduct reasonable expenses towards travelling, conveyance etc from the said amount.

amarender (Querist)
17 June 2017

ok..but how should show in IT return This remunaration as either Professional income or Other sources?
if it is professional income, with out p/l and b/s is possible in IT return and in which coloumn??

Amol S Joglekar (Expert)
18 June 2017

show it under income from other sources



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