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Income tax

13 July 2016

hello i am earning 12000 a month as a tuition income but have not maintained any books for this. and i want t file a return for AY 16-17 and AY 15-16 this july. which return i have to file and other things to consider before filling it

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13 Replies

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 13 July 2016

file your income tax return under presumptive income basis, 44AD.

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 13 July 2016

I think ITR-1 or ITR-4

1 Like

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 13 July 2016

ITR -1 : Income from other sources

You may submit your return in ITR-4 : Income from Business or Profession

1 Like

Dinesh Mertiya (PROFESSIONAL) (761 Points)
Replied 13 July 2016

ITR -1 : Income from other sources

You may submit your return in ITR-4 : Income from Business or Profession

1 Like

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 13 July 2016

presumptive income basis if you file use itr 4s

jagrati (j j) (117 Points)
Replied 13 July 2016

u should file itr -1.

1 Like

Ankit Taprania (CA FINAL ) (542 Points)
Replied 13 July 2016

yes , ITR 1 should be filed.

1 Like

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 14 July 2016

why itr 1 she is telling clearly that she don't have books of accounts and i guess you are filing just for the purposes of loan are something, by having an other sources income alone banks might not prefer, you will be under slab itself, on the basis of your requirement follow income from other sources or business income

AMIT KR GHOSH (TAX CONSULTANT) (143 Points)
Replied 14 July 2016

As you have mentioned Tution Income, it is Profession

Your Income 12000 x 12 = 144000

You can claim Expense for this Income and deduct it from your Tution Income

If it is above 120000 then maintain books of Accounts

You will have to file ITR 4 because Proffesison Income must file ITR 4

Sanjeev (Asst.AccountsManager) (87 Points)
Replied 14 July 2016

File itr 4s under 44ad

1 Like

CA Srujann kumar Reddy (Asst Manager(Internal audit)) (1679 Points)
Replied 14 July 2016

agree with sanjeev, i also opine the same as no accounts are present

Ayush Maheshwari (Student) (138 Points)
Replied 16 July 2016

i donot want to claim any expenses and someone is telling about ITR2 ALSO I AM CONFUSED

CA ASHOK DAHIYA (CA) (124 Points)
Replied 17 July 2016

If you don't want to claim any expense, then ITR 4S would be appropriate to file on presumption basis u/s 44AD. in that case no need to maintain books of accounts.