Can i claim for deductable expenses from my professional income

Sanjit (not applicable) (116 Points)

06 October 2011  

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.

Query one

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?

Query two

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? 

Query three

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