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| This query is : Resolved
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vikas
( Author )
18 June 2012
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I Would like to know which ITR Form for FY 10-11 AY 11-12 is needed to be filled for an individual having both salary and consultancy income
Would it make a difference if, the individual is the Karta of a HUF
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CA Mukesh Jain S
( Expert )
18 June 2012
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Being karta of HUF does not make any difference since salary, consultancy are his personal incomes which he has earned out of his effort. Further HUF & karta are seperate persons.
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vikas
( Author )
18 June 2012
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Thanks, but, which ITR form to be used for filing the Income Tax for FY 10-11 AY 11-12
Would it be ITR I Income from salaries & Profession for ITR IV
If ITR I - then would the net professional (consultancy income - expenses incurred) would be clubbed as income
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Siddhartha Bhardwaj
( Expert )
19 June 2012
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ITR 4 is required to be filed, becuase consultancy income is taxable under the head Income from Business or Prefession.
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vikas
( Author )
19 June 2012
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What will be the presumptive income in such a case
Will it be treated as 8% as per sec 44Ad or more
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CA Mukesh Jain S
( Expert )
19 June 2012
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It will not be considered as presumptive income u/s 44AD. Normal provisions will apply to this.
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Siddhartha Bhardwaj
( Expert )
20 June 2012
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Consultancy income is professional income.
Section 44AD does NOT apply to professional income.
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