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Wife it

Rajpal (as) (30 Points)

07 November 2012

Hi,

From October this year my wife has started giving private tution/coaching classes.

Her approximate income will be around 20-25K.

Is it advise for her for file income tax return.

Is it advisable to deposit her income (which she will receive in cash) in her individual separate saving bank account.

kindly advise.

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KARANDEEP,CA,B.Com,CS FNL (JOB) (457 Points)
Replied 07 November 2012

Originally posted by : Rajpal
	Hi, From October this year my wife has started giving private tution/coaching classes. Her approximate income will be around 20-25K. Is it advise for her for file income tax return. Is it advisable to deposit her income (which she will receive in cash) in her individual separate saving bank account. kindly advise.

Yes, you shall file the Income tax return for you wife after 31.03.2013 and before the due date 31.07.2013. You are required to file the return under the head business & Profession.

Open the separte account in the name of you wife and deposited the cash in same. one think you can do, is that receive the fee by cheque.

Regards

Karandeep

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 07 November 2012

it is advisable to file the i.t. return

Saket Sinha (Student) (129 Points)
Replied 07 November 2012

Since your wife started earning from this october having monthly income of Rs20000 pm. Therefore, total income from october2012 to march 2013 comes to Rs120000 . Rs 120000 is treaeted as turnover/ gross receipts therefore deduction is allowed under sec 28 to 44AD of the Income tax Act, 1961.

Moreover it is not necessary to file income tax return because basic exemption limit applicable resident women is Rs200000

It is not necessary that income shoul be deposited in seaprate bank account it can be deposited in savings aacount of your wife.

However it is advisable that if your wife is giving coaching under some name like "Sai Tutorials" etc then you can open a bank account but this is unecessary burden . Therefore you can continue to deposit the money in your wife savings account.

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