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Salary & consultancy services

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(Querist)
18 June 2012 I Would like to know which ITR Form for FY 10-11 AY 11-12 is needed to be filled for an individual having both salary and consultancy income

Would it make a difference if, the individual is the Karta of a HUF
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CA Mukesh Jain S

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CA Mukesh Jain S (Expert)
18 June 2012 Being karta of HUF does not make any difference since salary, consultancy are his personal incomes which he has earned out of his effort. Further HUF & karta are seperate persons.
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vikas

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vikas (Querist)
18 June 2012 Thanks, but, which ITR form to be used for filing the Income Tax for FY 10-11 AY 11-12

Would it be ITR I Income from salaries & Profession for ITR IV

If ITR I - then would the net professional (consultancy income - expenses incurred) would be clubbed as income
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
19 June 2012 ITR 4 is required to be filed, becuase consultancy income is taxable under the head Income from Business or Prefession.
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vikas

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vikas (Querist)
19 June 2012 What will be the presumptive income in such a case

Will it be treated as 8% as per sec 44Ad or more
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CA Mukesh Jain S

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CA Mukesh Jain S (Expert)
19 June 2012 It will not be considered as presumptive income u/s 44AD. Normal provisions will apply to this.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 June 2012 Consultancy income is professional income.

Section 44AD does NOT apply to professional income.

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