Taxability of profession income

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Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2016 Whether income from temporary Professional Job Contract is to be treated as Income from Other Sources specially when the assesse has separate Salary Income!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 May 2016 Yes, possible to declare so.

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SANTOSH SAGAR K

SANTOSH SAGAR K (Expert)
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15 May 2016 where the activity is expected to be regular, it would be business income. where this is a one-off transaction, may be taken as income from other sources. Either way, deduction for expenses would be available and tax is at the same rate.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2016 Thanks! Trust Professional Income arising out of a fixed contract for less than 12 month is not regular income and thence Income from other sources!
Would appreciate if you could enlighten on deductions available speciall when the job involves interviewing and submitting reports!

SANTOSH SAGAR K

SANTOSH SAGAR K (Expert)
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15 May 2016 all expenses directly related to the income from contract can

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SANTOSH SAGAR K

SANTOSH SAGAR K (Expert)
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15 May 2016 be claimed as deduction under the head IFOS

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