10 March 2020
Can income from part time home tuition to school kids & providing homeopathic medicine suggestion (not a fixed fee but whatever is given as token or even free) in a very irregular manner be shown as income from other sources, it being hardly a lakh in a year, besides interest from s/b & fd a/c, total being less than 2.5, in itr-1. If yes, what descriptttion of other sources to be given. There is not any other income in this case.
10 March 2020
Better option to show such income as business income U/s 44AD. The source under "other sources" is shown in Schedule OS: Income from other sources under para 1(e) Any other income (please specify nature).
16 March 2020
can I not file itr-1 if the income is low, say hardly 1-1.2 lakh in a year. Can I describe it as "occasional home tuition & personal care advise on request to kids in an irregular manner"
17 March 2020
can I not file itr-1 if the income is low, say hardly 1-1.2 lakh in a year. Can I describe it as "occasional home tuition & personal care advise on request to kids in an irregular manner".
17 March 2020
Its better to report under PGBP, but since this will be your 1st year of earning this income, you can report under other sources. Mention as "Other Income" under other sources
CAclubindia
