Salary & consultancy services
This query is : Resolved
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
Would it make a difference if, the individual is the Karta of a HUF
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.
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
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
19 June 2012
ITR 4 is required to be filed, becuase consultancy income is taxable under the head Income from Business or Prefession.
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
Will it be treated as 8% as per sec 44Ad or more
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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20 June 2012
Consultancy income is professional income.
Section 44AD does NOT apply to professional income.
Section 44AD does NOT apply to professional income.
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