Income from both salary and consulting
This query is : Resolved
10 November 2015
Hello -
I am employed at a firm and draw salary from there. At the same time, I do professional advisory as well resulting in consulting income. (Just like doctors have private practice and salary)
How do I treat these incomes and at the same time which ITR form should I use to file my returns so that I can deduct the expenses that I incurred for consulting as well.
Any help in this regard will be highly appreciated.
Thanks.
I am employed at a firm and draw salary from there. At the same time, I do professional advisory as well resulting in consulting income. (Just like doctors have private practice and salary)
How do I treat these incomes and at the same time which ITR form should I use to file my returns so that I can deduct the expenses that I incurred for consulting as well.
Any help in this regard will be highly appreciated.
Thanks.
10 November 2015
You can fill ITR 4.
Show salary income under the head income from salary and Consultancy income under the head income from business or profession.
Show salary income under the head income from salary and Consultancy income under the head income from business or profession.
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10 November 2015
Thanks Amol. But it says - For individuals and HUFs having income from a proprietary business or profession.
It doesn't talk about salary.
Also - there are different PARTS and SCHEDULES to it. Whether all parts are valid in my case? Do I need to create a balance sheet and P&L statement as well for consulting?
It doesn't talk about salary.
Also - there are different PARTS and SCHEDULES to it. Whether all parts are valid in my case? Do I need to create a balance sheet and P&L statement as well for consulting?
10 November 2015
If your profession is a specified profession not eligible for presumptive taxation u/s 44AD than you have to file ITR 4 showing salary and advisory income separately.
In case you are eligible to take advantage of presumptive taxation u/s 44AD, you should fill in form ITR 4S showing income from profession more than or equal to 8% of gross receipt and salary income separately.
Both these forms, i.e., ITR 4 & ITR 4S accommodate salary income as well.
In case you are eligible to take advantage of presumptive taxation u/s 44AD, you should fill in form ITR 4S showing income from profession more than or equal to 8% of gross receipt and salary income separately.
Both these forms, i.e., ITR 4 & ITR 4S accommodate salary income as well.
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10 November 2015
Thanks ROhit. Read through 44AD. It doesn't cover professions and looks like, I'll have to file ITR4S.
Whether all schedules and parts will be valid if I have both salary and consulting income?
Whether all schedules and parts will be valid if I have both salary and consulting income?
11 November 2015
What is your problem about ITR 4.... You have income from business/profession
Please MIND the wording it says.....for individuals and HUF having income from a proprietary business or profesion.
It does not say ..... having income ONLY from a proprietary business or profession.
File ITR 4.... Contact for any further query.
Please MIND the wording it says.....for individuals and HUF having income from a proprietary business or profesion.
It does not say ..... having income ONLY from a proprietary business or profession.
File ITR 4.... Contact for any further query.
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