Sir,
I take online veda/sloka chanting classes and my income is approx 30k-40k monthly from various students by online transfer to my account. I have other source of income also from FD and house rent.( I am a retired person ).
I have the following queries
1. Will the income from online classes will come under Presumptive Taxation and if so can I opt for 50% of the total as income earned ? Or should it be Total income - expenses ? Two other teachers are also supporting me for which I pay them monthly as professional fee.
2. Which form should I use ITR-1 or ITR-4 ?
I am at total loss as I get various opinions .
Thanks in advance.
Viswanatha Raju
CAclubindia
