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194j (professional services income)

ITR 402 views 2 replies

Gagan

MBA

25 Points Joined July 2014

I have income from 194J (PROFESSIONAL SERVICES INCOME) and amount is 1.4 lacs (10% TDS Deducted)

One of my friend suggested to file ITR-4 as this is income from "Profession" and i agree with him as this is professional services provided to the company.

Need advice on which sheet on ITR-4, should i show this income.

1) SHEET # PROFIT LOSS - SECTION 53 (REGULAR BOOK OF ACCOUNTS FOR BUSINESS OR PROFESSION NOT MAINTAINED)
2) SHEET # OS (INCOME FROM OTHER SOURCES) - SECTION 1D

Kindly suggest.

PLEASE SUGGEST THE SPECIFIC SHEET AND SECTION TO DISCLOSE THIS INCOME IN ITR - 4

YOUR RESPONSE WILL BE HELPFUL

Replies (2)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Joined September 2007

use sheet profit nd loss, and fill your details under point 53 "no account case". and then fill details in tds schedule.

CA Saloni

Manager-Accounts & GST Consultant

5124 Points Joined July 2014

Dear gagan,

If you are running a proper full time business & maintaining books of accounts , then fill the details in regular books of a/c(b/s & p&l), otherwise, Sheet # profit & loss (no account case) will be applicable.