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Itax query

Tax queries 192 views 2 replies

One member, a retired PSU officer worked for the PSU as advisor after retirement till july 2016. He was getting a fixed amount and TDS u/s 194J were deducted. He then joined a pvt.ltd. company at a monthly lumpsum amount and here also TDS is being deducted u/s 194J.

My question is

1. can he show his income both of psu and private co as income from other sources ?

2. can he claim the depreciation of his car and r/m of his car from "income from other sources".

3. can he submit IT Return in ITR1

Replies (2)

It's not 'income from other sources', he's actively working there. This income is shown under 'PGBP'.

Yes, you can claim depreciation and other expenses deduction. For this, you need to file ITR-3.

Declare such income in head B&P claiming depreciation & r/m of car.
You have to file ITR-3 in this regard.


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