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I am working On a temporary job with Style Factory Inc. & I have received 800000 ruppees as an outright payment not salary how will be treated as in income tax?
Replies (4)
Quick Summary
What is the nature of service you provided to the company?
Have they not deducted any TDS before releasing the payment to you?
Professional services
No they have not deducted tds
if its professional service, they should have deducted TDS, however as per you they haven't.
any ways, while filing your income tax return disclose the same under Profit & Gains from Business and profession.
you may also opt for presumptive taxation under section 44ADA if your annual income from such profession is less than 50 lacs and your profession is an eligible one under the said section.
Same is considered as contract receipts and you can declare such receipts as business income by declaring 8/6% on contract receipts u/s 44AD
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