salary & other income
This query is : Resolved
dhaval thakkar
(Querist)
22 June 2009
i have salary income of rs.480000 and
other professional income of rs.170000 so can i show both of this income and file my tax returns. what are the tax and legal implications? how to save TDS of professional income or any other way in which i can save my tax liability....
other professional income of rs.170000 so can i show both of this income and file my tax returns. what are the tax and legal implications? how to save TDS of professional income or any other way in which i can save my tax liability....
22 June 2009
Dear Mr. Dhaval,
you have to show both income and file your tax return, you cant save TDS on professional income because your client paying you after necessary TDS deduction, you can show your business expenditure and calculate appropriate profit/loss and in case if you arrive at law tax liablity that your deducted TDS you can claim for the refund.
Nazir
you have to show both income and file your tax return, you cant save TDS on professional income because your client paying you after necessary TDS deduction, you can show your business expenditure and calculate appropriate profit/loss and in case if you arrive at law tax liablity that your deducted TDS you can claim for the refund.
Nazir
dhaval thakkar
(Querist)
22 June 2009
hello sir
thanks for the reply
Does it mean that Income Tax department is not concerned with the legal aspect of salary and professional income? Can a salaried personnel do freelancing work and whether he has to declare to his employer that he is doing other freelance work on holidays.
can u throw some light on this.
regards
Dhaval.
thanks for the reply
Does it mean that Income Tax department is not concerned with the legal aspect of salary and professional income? Can a salaried personnel do freelancing work and whether he has to declare to his employer that he is doing other freelance work on holidays.
can u throw some light on this.
regards
Dhaval.
23 June 2009
Dear Dhaval,
obviously you can do it.. its no where mentioned that if u hv income from one source you cant earn income from other source, income tax department in not concern at all by your source of income provided you are declaring all your income properly.
Nazir
obviously you can do it.. its no where mentioned that if u hv income from one source you cant earn income from other source, income tax department in not concern at all by your source of income provided you are declaring all your income properly.
Nazir
dhaval thakkar
(Querist)
23 June 2009
thanks a lot sir....
regards
dhaval
regards
dhaval
CA.Nikhil Gupta
(Expert)
23 June 2009
earn income from any legal source and reflect the same in your return. Thats the only motive. Nobody can restrict you from earning any other way if u r salaried.
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