Tuition fees income
This query is : Resolved
16 March 2015
Hi,
My wife have income from tuition class how to account and what type of income
My wife have income from tuition class how to account and what type of income
CA Kapil Verma
(Expert)
16 March 2015
It is a income form Business and profession.
a Profit and Loss account is required to be maintain to file ITR-4
But you can file ITR-4s if you not maintain books of accounts.
a Profit and Loss account is required to be maintain to file ITR-4
But you can file ITR-4s if you not maintain books of accounts.
16 March 2015
Thanks for your reply, Monthly tution fees Rs.65000/- what is tax liability please clarify.
CA Kapil Verma
(Expert)
16 March 2015
so the gross receipt is 7,80,000/-
if ITR-4s is to be file minimum 8% profit is required to be shown i.e 62400/-
Exemption limit of income is Rs 220000/- in your case. so you can show more profit.
if ITR-4s is to be file minimum 8% profit is required to be shown i.e 62400/-
Exemption limit of income is Rs 220000/- in your case. so you can show more profit.
16 March 2015
income from providing professional services cannot utilised itr4s i.e sec 44ad but only file itr4
CA Kapil Verma
(Expert)
16 March 2015
Dea Tushar ,
Teaching is not a specified profession please refer rule 6F.
https://www.incometaxindia.gov.in/Tutorials/Maintenance-of-Books-of-account-Theory.pdf
Teaching is not a specified profession please refer rule 6F.
https://www.incometaxindia.gov.in/Tutorials/Maintenance-of-Books-of-account-Theory.pdf
16 March 2015
firstly rule 6f defines specified professionals for sec 44AA for purpose of maintainence of books of accounts and nt sec 44AD.
secondly refer the definition of non specified profession which means which are not specified in list.
secondly refer the definition of non specified profession which means which are not specified in list.
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