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classification of income
If an assesse is working as a management trainee in an autonomous body for contractual period of one year receiving fixed monthly payment and tds is being deducted @ 10% u/s 194J.. Now my question is whether the income will be treated as salary income and ITR-1 will be the ITR form or treatment will be different? please guide...
Replies (2)
it will be treated as your professional income and not salary income because TDS under 194J is being made.
Thanks to both of you for your reply, suppose if tds has been deducted under wrong section then can we treat that income as salary and use form ITR-1 for claiming tds refund? because if treat it as professional income then it will be difficult to file itr as for that financial particulars (balance sheet & profit & loss A/c) are required to submit which are not available in reality.. please guide..
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