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Part time income in Income tax return

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RAJA P M ("Do the Right Thing...!!!")   (127842 Points)
Replied 26 January 2024

Originally posted by : Sandeep Jain
Respected Raja Sir, Parttime earning Value Rs. 2000/- per month from April to March Rs. 24000/- so can we go for other income Kindly guide.

Yes, You can...

Saravanan nagaraj (463 Points)
Replied 26 January 2024

Income from other sources :

Dividend Income, Wining from lottery, Wining from online games, rental income from machinery, Interest income, insurance policy maturity, termination of your employment so on. 

Now, you can understand, Your bookkeeping service not comes under this head. It is income from profession. It is taxable 50% on receipt. 

When you declare this income along with your Salary and dividend. ITR Form 3 will be suitable.


Replied 27 January 2024

What Is ITR 2?

The ITR-2 is a form used to file tax returns with the Income Tax Department of India by both Indian nationals and non-resident Indians. Filing Income Tax in India necessitates the completion and submission of various forms based on the assessee's category. The ITR-2 form is one of the forms that must be completed throughout the tax filing procedure.

How To File ITR 2

You can file your income tax return either offline or online. However, only taxpayers aged 80 and over are qualified for ITR 2 offline filing. These persons can submit returns promptly by employing a hard copy of the ITR-2 form and a bar-coded return of income earned. Furthermore, the IT department acknowledges receipt when an assessee submits this paper form.

Follow the steps below to file your ITR online:

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CA Rashmi Gandhi (Chartered Accountant) (86303 Points)
Replied 28 January 2024

If you received fixed amount monthly you can show it in Salary head also and file ITR-2.

If you are not engaged in full time basis in this work the you can show this income as other sources income.
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