Having 2 types of Income in a single PAN
This query is : Open
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
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
06 December 2020
wondering what taxation services are you providing! what you are asking is such a basic question...
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.
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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