LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

For tution income

anand (accountant) (88 Points)

24 April 2017

i am a salaried employee , but also a tution income Rs. 113000 can i show this income in ITR 1 and i have deposit Rs. 1240000/- cash during Demonetisation but this is my cash against cash salary & my saving income (cash salary already computed in income)

Reply
Follow
Share

9 Replies

Mahesh Babu (CA Final) (618 Points)
Replied 24 April 2017

Show that income in your ITR and file the return.

anand (accountant) (88 Points)
Replied 24 April 2017

& 124000/- deposited during Demonetisation but this is my cash against cash salary & my saving income (cash salary already computed in income)

this amount show or not

Mahesh Babu (CA Final) (618 Points)
Replied 24 April 2017

As such income deposited by you in Banks during the demonetisation period was related to your earlier savings income was NOT form part of the current year total income.

You declare such income in IT e-filing website under Cash transactions.

Sumeet (CA) (537 Points)
Replied 24 April 2017

Since you have Salary income as well as Business income you cannot file ITR 1 for AY 2017-18. You will have to file ITR 3 or ITR 4. Also in new ITR forms for AY 2017-18 you have to disclose total cash deposited during demonetisation (From 8th Nov to 30th December) if deposits were exceeding 2 lakhs. Although you do not need to mention source of this cash deposited in your return for now.

anand (accountant) (88 Points)
Replied 24 April 2017

so,

Rs. 113000/- i have compute under INCOME FROM OTHER SOURCES & Rs. 124000/- in ITR 1 (cash deposit During during Demonetisation from 09.11.2016 to 31.12.2016 >200000/-) column , am i right sir

anand (accountant) (88 Points)
Replied 24 April 2017

tution is not my business its part time job

anand (accountant) (88 Points)
Replied 24 April 2017

I AM A SALIED EMPLOYEE & TUTION INCOME RS. 113000 IS MY PART TIME INCOME , THAT IS NOT MY BUSINESS INCOME . IN THAT CASE I CAN FILE ITR -1 OR NOT

PLS REPLY

anand (accountant) (88 Points)
Replied 24 April 2017

I AM A SALIED EMPLOYEE & TUTION INCOME RS. 113000 IS MY PART TIME INCOME , THAT IS NOT MY BUSINESS INCOME . IN THAT CASE I CAN FILE ITR -1 OR NOT PLS REPLY