I have helped someone , consultancy for his business purposes.
He gave me ₹800000 for that help but not as a gift .
But my main business is not giving consultancy.
kindly tell in which section and head will it be covered ?
Thank you .
NO NOT ACCEPTED. THERE IS EVERY POSSIBILITY OF QUERY. IS THAT YOUR MAIN PROFESSION.
SECTION 194J/194C is applicable for TDS and Need to do file ITR3 as business
If consultancy is only casual or not regular work, it is better to show under head "Income from other sources".
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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CAclubindia
