Income Tax on Presentation

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Rahul Saraswat (Querist)
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02 March 2011 Dear Sir

During this FY I had an income of Rs. 50000/- towards preparing a presentation for a private party and the eligible TDS (Rs. 4500) has also deducted from the amount. I have raised a bill to the party by my name.

(1) Please tell me whether I should file ITR-1 or is there any other form is required for filing income tax return?

(2) Can I save this TDS while filing IT return in terms of showing certain expenses during preparation of presentation? If yes, what are those expenses and how can I prepare my Income Tax return?

Thanking you in advance.

Regards

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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02 March 2011 It's really good to know that you can prepare presentation.

The Private Party has deducted your TDS and as such you can show this income under the head Profits and Gains of Business and Profession. ITR-4 will be applicable to you.

If you are not having any other income or
your total income comes to Rs 1.60lac or less you are not liable to pay tax and as such you will get refund.

Please check that your PAN No. is correctly mentioned in the TDS Certificate.

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