One of my relative is a 100% handicapped person (paralysed) and earn between1 lakh to 2.5 lakh per year(it fluctuates a lot every year , as sometimes very few students come to tuition) through tuitions to children and 40 - 50 thousands through short term share trading (less than 12 month holding). which ITR form should be used ITR2 or ITR4. if ITR4 then how to maintain book of accounts for tuition ?
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Income from tuitions
Replies (4)
You can select " No Account Case " even in ITR-4 and then accordingly enter the required Amounts Such as Gross Receipts , Gross Profit , Expenses , Net Profit , Debtors , Creditors , Stock in trade and Cash Balance.
You can tell relative to Maintain a register of students( row head ) month wise ( column head ) and he can write date on which fees received below that. So you can accordingly estimate the income. He can keep a file for expenses. Every bill of printing and stationery etc to be filed and Monthly Summarise the expenses. I hope this will solve. 80 U deduction also available on fulfilment of certain conditions and availability of certificate.
He may file ITR-4. He may collect contract notes from the broker and compute short term capital gains from share trading.
thanks Raj and mihir for reply.
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