source of income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 January 2011
A PERSON EARNING INCOME FROM A COLLEGE APPOINTED ON ADHOC BASIS. NO TDS & NO PROF. TAX DEDUCTED THEN UNDER WHICH HEAD IT IS COVERED.
25 January 2011
It appears that College has paid him as Profesional fee. Any payment of professional fee more than 30000/- attracts TDS u/s 194 J of the Income Tax Act.
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 January 2011
then pls suggest me possible deductions from it like conveyance/petrol allowance & it is required to keep all petrol exps bills & also required to maintain books of account. It comes under business & profession.
31 January 2011
You will get all deduction for earning Professioan fee.The income earned will come within business and profession.
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