18 March 2010
Hello everyone, thanks for the service you are doing by helping people like me.
Here is my issue : I am a student and had done an internship this year in which I had been given as salary Rs. 50k with TDS at 30%. Apart from the other income, I also have around 1.5 lakh rupees income from various freelancing activities (writing articles etc.) via paypal.
I have done savings of Rs. 70000 in PPF so am exempt from paying tax and I need to claim back my TDS. The company will be giving me form 16. My question is that if I file ITR1 , will there be any problems ? whats the penalty if the dept. catches other source of income since there is no tax payable anyway.
Also, I will start working from next year, if I file ITR4 next year, will my company come to know of my freelance income ? Thanks in anticipation.
18 March 2010
First thing if you are not in the taxable limit then you should try to file the return showing your correct income(salary+ income from other sources) as it will not increase your liability anyhow and you will be giving the true statement(you might be receiving the amount through cheques only). Secondly even if you have not done that there will not be any prob.Even your company will not be able to know abt your other source of income as you files the ITR to IT department and company has no access of it.
CAclubindia
