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Income tax
my father is retired person ,but even he is working in a company , there they are deducting TDs u/s 194J as he is not on payroll..so now while filing return whether it should be shown under income from salary or income from profession
Replies (9)
It should be taxed under Imcome from Salary.
Thanks and Regards-
CA Hanuman Innani
+91 9423473767
Dear anita,
It seems that there is no emloyee employer relationship between your father and the company. As the company is deducting TDS u/s 194 J i.e. for professional or technical fees. thus, the income must be charged under the head income from business and profession.
Should be shown under business and profession!
Even expenses incurred for earning this income can be claimed as deduction!
It is business profession income
Income is in the nature of Professional service.
It should be shown under the head income from business or profession and he can claimed expenditure( not more than 50% of receipt of prof service) related to earning such income. If he received pension, it should be treated as salary income
Or can I show it under income from other source ??
Dear Anita,
you can not comute tax on income earned by your father under IFOS as this is income from business & profession and must be taxed under the same head.
Hello Anita,
The income will be shown under the head "Income from business and profession"
No salary head-- AS not on payroll
No Other sources head- AS assuming your father is providing professional/technical services and such income is not OTher sources income.
Only Business head- AS TDS deducted u/s 194J and business income. Simple!
Hope your query is resolved. All the best!
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