source of income

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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.

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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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.