I have been in employment as a lecturer until August 2011. After that i have decided to strike out on my own as a free lancer giving lectures on an hourly basis at colleges that wish to hire my services.
I do believe that next year i shall have to use ITR 4 for filing my returns as i have income from salary, income from other sources and income from profession - is this right?
As i am now a part time hourly paid lecturer can i claim deductions on expenses that are connected with the development and discharge of my professional activites? ...such as petrol expenses for own vehicular conveyance, trade related books and periodicals ? are there any more i can claim?
Do i have to mantain books of account for the above and do they have to be audited for integrity? What proof do i keep for the above expenses if theya re indeed allowable? Yes for all my TDS on my income I will request the various college authorities to issue me with Form 16A after the financial year
Thanks for any help on these issues
This is the first time i am not in salaried employment so please help me out and spell out things simply, patiently and understandably