16 July 2017
I am new to e-file the return. I want to know the procedure of e-filing. Is it necessary to maintain Books of Accounts? My source of Income is Salary ( No Form 16 ) Earning through teaching What should i do first ? please reply
17 July 2017
1. Since you are a salaried person, you are not required to submit Balance Sheet and Profit and Loss Account as part of your return. 2. In case you have Income from Salary And Income from Other Sources and your agriculatural income if any, does not exceed Rs. 5,000/- you can fill up form ITR1. Also your total income should not exceed 50 lakhs. In any other case, please fill up ITR2. 3. First, you need to create an e-filing log-in www.incometaxindiaefiling.gov.in. 4. Then download your Form 26AS 5. Make a bank summary to identify your receipts on account of interest or investments. 6. If you have capital gains prepare a statement of the same.
ITR1 can be prepared and filed online itself. ITR2 you will need to go to the downloads section of the efiling website and download the ITR2 Java or Excel utility. In case you get stuck anywhere feel free to message on here under this thread. Will try to help you
17 July 2017
Anand sir Thank u so much for your reply. I have also a coaching centre along with salary which i receive from school. Under which head my coaching centre income is taxable either IFOS or PGBP. 2. While calculating deduction under section 80 C. We take total premium paid during the P.Y? 3. Is it necessary to make P&l or balance sheet. 4. I want to show GTI = 3.5 LACS. 5. Which itr form should i file? I am filing this return because bank requires it for the purpose of financing. Plz help me
17 July 2017
1. You should file a return under ITR3 with income from coaching center as PGBP. Now you will need to prepare balance sheet and profit and loss account if your gross receipts exceed Rs. 10,00,000 or your income from pgbp exceeds Rs. 1,20,000/- in any one of the 3 years immediately preceding the previous year. 2. What premium are you referring to Mr Jha? If it is eligible under 80C then you can claim the premiums paid
17 July 2017
Sir 1. LIC Premium paid during the Whole P.Y shall be taken into account while claiming deduction u/s 80 C. 2. My PGBP Income is around 1,00,000. 3. We do not issue any invoice to the student. We receive payment on monthly basis.
17 July 2017
In case you don't have evidence go to ITR 4 (presumptive taxation). Then you can put your all deductions under Chapter VI A . after any liability pay to tax
17 July 2017
Mr. Raja PM, are you suggesting application of Section 44ADA? I don't think it will apply in this case. Mr Jha, you can claim the LIC premium. We can wait for reply from fellow expert Mr. Raja on whether to go for presumptive taxation or normal provisions.
17 July 2017
Mr. Anand (3. We do not issue any invoice to the student. We receive payment on monthly basis). Then how to deal this one...?? If filing ITR 3, He ll be show the 2nd one is "Other Sources"...
17 July 2017
Non issuance of invoice doesnt mean he cant file as PGBP. A chance may be taken with income from other sources but it may not be appropriate. i think 44ADA is applicable to only specific professions and doesnt cover coaching does it?
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