CA Loan Bajaj Finserv
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CA Loan Bajaj Finserv

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source of income

This query is : Resolved 

Querist : Anonymous


Querist : Anonymous (Querist)
A PERSON EARNING INCOME FROM A COLLEGE APPOINTED ON ADHOC BASIS. NO TDS & NO PROF. TAX DEDUCTED THEN UNDER WHICH HEAD IT IS COVERED.

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)
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.

You will get all deduction for earning Professioan fee.The income earned will come within business and profession.



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