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Income from other sources

CA Sourabh Goenka (Chartered Accountant) (249 Points)

04 December 2012

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

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9 Replies

CA Pooja Agarwal (Chartered Accountant) (3228 Points)
Replied 04 December 2012

there is no such requirement for maintaining books for tuition fees

CA Bhargav Nathwani (CA in Practice) (8307 Points)
Replied 04 December 2012

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

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 04 December 2012

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,

pallav (still a learner....) (938 Points)
Replied 04 December 2012

ITR 4 under teaching profession......

NiTiN JAiN (TAX CONSULTANT & CA FINAL STUDENT) (155 Points)
Replied 05 December 2012

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.

CA Roshan Jha (CA (Practice)) (858 Points)
Replied 05 December 2012

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

manavi (article) (30 Points)
Replied 05 December 2012

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

subhajit behera (student) (65 Points)
Replied 05 December 2012

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

CA Sourabh Goenka (Chartered Accountant) (249 Points)
Replied 05 December 2012

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...