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Income tax

Anita Kulkarni (Student CA Final ) (166 Points)

08 April 2016  
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

 9 Replies

CA Hanuman Innani (Charteted Accountant) (72 Points)
Replied 08 April 2016

It should be taxed under Imcome from Salary. Thanks and Regards- CA Hanuman Innani +91 9423473767

manish mishra (CMA STUDENT) (30 Points)
Replied 09 April 2016

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.

CA Harsh Kothari (Consultant) (302 Points)
Replied 09 April 2016

Should be shown under business and profession! Even expenses incurred for earning this income can be claimed as deduction!

Ca sujit mishra (Proprietor) (22 Points)
Replied 09 April 2016

It is business profession income

CA ANILKUMAR B.COM ACA DISA (PROP. ANIL & COMPANY) (1319 Points)
Replied 09 April 2016

Income is in the nature of Professional service.

Retheesh kumar. V. B (Practice) (71 Points)
Replied 10 April 2016

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

Anita Kulkarni (Student CA Final ) (166 Points)
Replied 11 April 2016

Or can I show it under income from other source ??

manish mishra (CMA STUDENT) (30 Points)
Replied 11 April 2016

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.

AjinkyaK (Student CA Final ) (34 Points)
Replied 13 April 2016

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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