Psu bank clerk drawing salary along with presumptive busines

Tax queries 189 views 3 replies

Can a PSU bank clerical staff draw salary from bank and at the same time have a business like hiring , leasing or plying goods carriage (and file ITR 4S for  presumptive business u/s 44AE). Please explore the topic backed by laws , instances and circulars. Please do not post any guess work or roumers . Reply must be logical and verifiable.

Sorry for harshness.But I wanted my message loud and clear .

Replies (3)
Yes. It is possible .However, just check there are no restriction on such by employer or any other law applicable. Logic - Business need not require the businessman to be involved completely and actively into it. Business can be done through agent or employee. An Employee- (Driver)may work on behalf of the owner of truck, collect the hire charges , and give to the owner. And at the end of the month, employee will get salary and businessman will get his profits. Legal - Business is defined to include trade , manufacture or an ADVENTURE in the nature of trade or manufacture.

Got it point sir ,but does IT dept will raise any query on such ITR where both salary and business income are declared.

If it is genuine , then even if IT dept raises query , you will have proof to show. As such, IT dept have no issue where you have salary as well as business income.


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