Consultancy fee
This query is : Resolved
31 August 2011
Hi,
I have got consultancy fee of 50,000/- PM from a company after TDS of 10% from April 2010 to Feb 2011. Again i got consultancy fee of 100,000 after tds from another pvt company ( i am one of the director of this pvt company). Now i want to file my ITR. I am confused, how to proceed. can anyone help me regarding below mentioned points:-
1. Which ITR Form---I think ITR 4
2. What are the expenses i can deduct from Rs 750,000.
3. Whether i need to prepare P&L and B/S. if yes, what are all the item i have to include in it.
Kindly help me out.
I have got consultancy fee of 50,000/- PM from a company after TDS of 10% from April 2010 to Feb 2011. Again i got consultancy fee of 100,000 after tds from another pvt company ( i am one of the director of this pvt company). Now i want to file my ITR. I am confused, how to proceed. can anyone help me regarding below mentioned points:-
1. Which ITR Form---I think ITR 4
2. What are the expenses i can deduct from Rs 750,000.
3. Whether i need to prepare P&L and B/S. if yes, what are all the item i have to include in it.
Kindly help me out.
01 September 2011
Yes it is ITR 4
You come under compulsory maintenance of accounts and so you must prepare your books of account, and p & l and balance sheet.
P&L: you must include all expenses which you have incurred for the purpose of earning this fees; like conveyance, telephone, printing and stationery etc. If you have an office, rent, electricity - whatever you have spent for the purpose of your consultancy business. An exhaustive list is never possible
You come under compulsory maintenance of accounts and so you must prepare your books of account, and p & l and balance sheet.
P&L: you must include all expenses which you have incurred for the purpose of earning this fees; like conveyance, telephone, printing and stationery etc. If you have an office, rent, electricity - whatever you have spent for the purpose of your consultancy business. An exhaustive list is never possible
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