Kindly clarify the following situation for tax calculation. I am a senior citizen having pension and bank interest income and a tax payer. Recently some one offered me to do a part time job from my home and shall pay me based on my work done on weekly / monthly basis. Should this income be treated as salary or other sources or income from proffession for tax calculation purpose.
Thanks in advance
GR Babu
Can be PGBP or IFOS depending upon quantum of funds and nature of work
It can be treated as either Income from business / profession or income from other source. However, it is more preferable to show it as income from business / profession.
Thank you gentlemen for your prompt response, let me find out the quantum whether it is monthly 20,000 or more.
CAclubindia
