Case: A salaried person , gives tution on professional subjects (CFA/CA/CS). Does he liable to pay tax on tution fees received. If yes under which provision ?? Are tution fees earned are not exempt from tax?? thanx in advance
Lata Jain (Executive) (30 Points)
09 May 2014Case: A salaried person , gives tution on professional subjects (CFA/CA/CS). Does he liable to pay tax on tution fees received. If yes under which provision ?? Are tution fees earned are not exempt from tax?? thanx in advance
Mihir
(Wealth Manager)
(5293 Points)
Replied 09 May 2014
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 10 May 2014
Sir,
I agree with Mr. Mahir and your tution income is not main income so that it is also to be calculated under Other Income Head.
srikanth
(Chartered Accountant)
(83 Points)
Replied 10 May 2014
Dear Sir
Tution fee received will not fit in to salary head, Capital Gain, Business Income or House property, therfore will be taxed under the head Income from other Sources and also you can claim the expenses incurred related to the that.
list of professional has been mentioned in the income tax act Please check the definition of professionals as per the income tax Act, you will get more clarification.
Regards
Srikanth S
CAclubindia
