Self employed - tuition income
This query is : Resolved
27 July 2014
Hi experts,
I want to file a return for my sister, who has a tuition income (under the taxable limit), what form should I fill for the filling online return ?
Do I need to prepare P&L account & B/S before I submit the return ?
I want to file a return for my sister, who has a tuition income (under the taxable limit), what form should I fill for the filling online return ?
Do I need to prepare P&L account & B/S before I submit the return ?
28 July 2014
You will have to file ITR 4S. You do not need to prepare P&L and Balance Sheet. You have to show minimum income equal to 8% of gross receipts. You can show higher income also.
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28 July 2014
Dear Siddharthji,
Thanks a lot for your reply, but could you please explain a bit further regarding showing minimum income equal to 8% ??
The tuition fee she receives every month is in cash, totaling to around 180000.00 in a year.
I really appreciate your and other fellow experts.
Thanks a lot for your reply, but could you please explain a bit further regarding showing minimum income equal to 8% ??
The tuition fee she receives every month is in cash, totaling to around 180000.00 in a year.
I really appreciate your and other fellow experts.
28 July 2014
The assessee has to show a minimum PROFIT (income) of 8% of Rs. 1,80,000 (the gross receipts) to avoid maintaining books of accounts & getting the accounts audited.
You can show higher profit also.
You can show higher profit also.
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