Dear Friends
A husband wife both retired and above age of 60 years are drawing a monthly pension of Rs. 10000.
Now they started coaching at home and earn a fees of Rs. 80000 per month. Their monthly advertisement expenses of Rs. 5000 p.m.
Now their gross receipts annually is 80000 X 12 = 960000
Now can the husband file his return as follows:
Income under head Salary 10000
Income under PGBP u/s 44AD 8% X (85000 X 12)/2 = 40800
Gross Income 50800
Deductions under Chapter VI 50800
Taxable Income Nil
Likewise wife will do the similar.
Will they file ITR4S each?
Regards
CAclubindia
