Having 2 types of Income in a single PAN

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This discussion addresses concerns about declaring two distinct income streams, contract income and professional consultancy income, under a single PAN. The user, who inherited their father's income after his passing, is seeking clarification on whether the Income Tax Department might raise queries. They also want to confirm if filing under Section 44AD remains appropriate, given their total turnover is below Rs. 20 lakh, and they need guidance before filing their return for FY 2019-20.

DIVYESH JAIN

DIVYESH JAIN (Querist)

06 December 2020 Dear Sir,

I am having 2 types of Income i.e. Contract Income of Rs. 15 lacs on which TDS is deducted @ 1% and Professional Income of Rs. 3 lacs which I receive for providing various taxation and other consultancy services. On this professional income no tds gets deducted but I have to show in Balance sheet as my income.

I wanted to know will there be any query raised by Income tax department in future if I show 2 types of Income in my file and whether it is now right if I file the return U/s. 44AD as I used to do it previously when I was having only Contract income.

My total turnover doesn't exceed Rs. 20 lacs in the entire financial year.

Please suggest me in this matter as I have to still file my return for F.Y. 2019-20.

Regards,
Divyesh Jain

Nikhil Kaushik

Nikhil Kaushik (Expert)

06 December 2020 wondering what taxation services are you providing! what you are asking is such a basic question...

DIVYESH JAIN

DIVYESH JAIN (Querist)

06 December 2020 Dear Nikhil,

My dad was a CA who expired last year in 2019 and hence I have to take all his income which he earned in my account hence facing this issue.

I am not a CA.

If you know the solution then please reply.

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