Income from other sources

Tax queries 781 views 9 replies

Heyyy everyone...

I want to ask that.. If I have an income from other sources.. i.e. any income like tuition income.. and want to file his itr showing that income below the basic exemption limit... All tuition income is received in cash, because tuition is conducted in house at a small level..

In this case any books of accounts I have to maintain for the same or independently I can show this income in other sources without any restirction...

Answer ASAP..

With thanks & Regards

Replies (9)

there is no such requirement for maintaining books for tuition fees

NO need of filing return when Income below Exemption limit for Individuals.

It is a separate issue that filing of return is not manadtory and maintenance of records are also not required.

But I wish to know which will be the ITR Form for this purpose. Will it be ITR for salaried assessee like SARAL.

Regards,

ITR 4 under teaching profession......

Tution Income should be treated as an professional income & it should be shown in ITR 4 & if such income eceeds Rs 120000/- then it is necessary to keep the accounts.

Books of accounts is compulsory, only when the limit prescribed under section 44AA exceeded. 

Tution income is not to be treated as income from other sources. It is professional income.

 NO need to mentain any books of a\c , if it is below exemption limit .

thanks, for replying...

But it is new for this topic that tuition income is a professional income. In the section 44AA, where it is written that tuition income is professional income and should be considered under section 44AA...


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