Sir/Madam
in SAME financial year
I received salary for 3 months = Rs X and Rs Y has been paid a TDS already
Remaining 9 months I was a proprietor receipts were Rs A and expense were Rs B.. it was a loss. i.e B is greater than A
Option 1
Now should I calculate my income as below i.e Rs A + Rs X (salary) - Rs B = income
If I calculate like that the tax liability is less than then TDS amount i.e Rs Y. Can I claim refund?
Please note RsY was paid by my employer considering 3 months salary
Option 2
Should I declare my salary income Rs X under a different head in ITR
If so my tax liability is very high even though I suffered a huge loss in business
Which option should I choose?
Which form should I use?
Shanthi
CAclubindia
