Income for tuation fees
This query is : Resolved
Akash Anand
(Querist)
28 July 2013
Dear sir,
a person is teaching students and earned 250,000,
how this income would be treated. can i take presumptive income @8%?
which ITR would be filled?
a person is teaching students and earned 250,000,
how this income would be treated. can i take presumptive income @8%?
which ITR would be filled?
CA PARAS BAFNA
(Expert)
28 July 2013
Teaching is one of the best professions in the world and we all have great respect for the teachers.
.
44AD should not be applied on Tuition Income.
.
Taxable slab starts from 2.00 lac.
.
After debiting genuine expenses towards , Conveyance, Telephone, Depreciation, Books Periodicals, Stationery, Electricity, etc. the teacher should ideally pay tax @ 10% in case his net income still lies in the minimum taxable slab.
.
.
44AD should not be applied on Tuition Income.
.
Taxable slab starts from 2.00 lac.
.
After debiting genuine expenses towards , Conveyance, Telephone, Depreciation, Books Periodicals, Stationery, Electricity, etc. the teacher should ideally pay tax @ 10% in case his net income still lies in the minimum taxable slab.
.
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