Consultancy fees
This query is : Resolved
23 July 2012
One of my friend has joined a Company under contract basis. He is being paid in the form of Consultancy fees after deducting TDS u/s 194J. He also got his form 16A. I just wanted to know under what "HEAD OF INCOME" the said income need to be shown.
23 July 2012
business income - consultancy service providing business
23 July 2012
Dear Friend, he has to show his income under head Income from Business and Profession. Thanks
23 July 2012
I would like for a further clarification. My friend is not running any business. Moreover if he shows the income as business income then he needs to maintain Profit & Loss Account and The Balance Sheet which he is not maintaining. Moreover he has not invested any Capital also. He is just getting his part of salary as Consultancy Fees. So, kindly suggest how he can proceed for tax filing purpose.
23 July 2012
I would like for a further clarification. My friend is not running any business. Moreover if he shows the income as business income then he needs to maintain Profit & Loss Account and The Balance Sheet which he is not maintaining. Moreover he has not invested any Capital also. He is just getting his part of salary as Consultancy Fees. So, kindly suggest how he can proceed for tax filing purpose.
25 July 2023
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