Computation of tax liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 August 2015
I AM AN INDIVIDUAL AND HAVE EARNED AN INCOME OF Rs. 12,65,000/- in F Y 2014-2015 BY WAY OF COMMISSION THROUGH SELLING OF PLOTS IN VARIOUS REAL ESTATE COMPANIES AND TDS OF Rs. 126500 /- AS APPLICABLE WAS DEDUCTED AND I WAS ISSUED FORM 16- A .
NOW HOW DO I SHOW THE ABOVE INCOME IN MY I T RETURNS SINCE IT HAS TO BE FILED BEFORE 31.08.2015 .
WHAT ARE THE VARIOUS EXPENSES THAT CAN BE DEDUCTED FROM THE ABOVE INCOME ? I MEAN TRAVELLING EXPENSES , PHONE BILLS , ETC CAN BE DEDUCTED OR NOT FROM THE ABOVE INCOME ?
I DO NOT HAVE ANY SAVINGS APPLICABLE UNDER 80 C.
ALSO PLZ TELL ME UNDER WHAT HEAD OF INCOME THE ABOVE INCOME FALLS ?
PLZ CLARIFY AND GUIDE ME .
ALSO WHAT IS THE ITR FORM THAT IS APPLICABLE FOR ME ?
NOW HOW DO I SHOW THE ABOVE INCOME IN MY I T RETURNS SINCE IT HAS TO BE FILED BEFORE 31.08.2015 .
WHAT ARE THE VARIOUS EXPENSES THAT CAN BE DEDUCTED FROM THE ABOVE INCOME ? I MEAN TRAVELLING EXPENSES , PHONE BILLS , ETC CAN BE DEDUCTED OR NOT FROM THE ABOVE INCOME ?
I DO NOT HAVE ANY SAVINGS APPLICABLE UNDER 80 C.
ALSO PLZ TELL ME UNDER WHAT HEAD OF INCOME THE ABOVE INCOME FALLS ?
PLZ CLARIFY AND GUIDE ME .
ALSO WHAT IS THE ITR FORM THAT IS APPLICABLE FOR ME ?
Amol S Joglekar
(Expert)
23 August 2015
01. It is business income.
02. File ITR 4
03. As you have rightly pointed out you can deduct the expenses which are incurred to earn this income e.g. travelling, conveyance, mobile, stationery, stamping, commission paid to other agents, hotelling expenses, depreciation. Note the expenses musthave been incurred to earn the income. then only you can deduct it. The expenses of personal nature are not deductible.
02. File ITR 4
03. As you have rightly pointed out you can deduct the expenses which are incurred to earn this income e.g. travelling, conveyance, mobile, stationery, stamping, commission paid to other agents, hotelling expenses, depreciation. Note the expenses musthave been incurred to earn the income. then only you can deduct it. The expenses of personal nature are not deductible.
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