Query on income tax on my full time + part time job

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Hi All,

I am doing some part time IT based consulting apart from my regular Full time job. My Full time job employer will issue me the form 16 and based on that i am filing the returns. But i am not sure on how to generate the form 16 for the income generated from the consulting job. I am having the following question as listed below about this situation.

1. Do I need to really generate the form 16 for the consulting job in order to file the returns?

2. Do I need to club the income generated from my full time job and part time job and need to show the consolidated income in order to file the returns?

3. Is there any tool/online template available to generate that will show the deductions  and  income generated from my part time consulting job? this will very much help in maintaining my records and while filing the returns.

 

Thanks in Advance,

Srinivas

Replies (7)

Hi ,

The person deducting income from your part time income will deduct it u/s 194 J and if you want to view that all your deductions agains your income then you can visit Incometax website and view your form 26 AS after creating a Login ID with that site.

Regards,

CA Konfused.

 

 

1) Your employer of full-time job must be deducting TDS from your salary, for which you shall be issued form 16 for IT returns. 

2) Is your employer of part-time job deducting TDS and if deducting then under what section. Are you paid salary or a professional/consultancy fees for your services by your employer of part-time job? Check whether your employer is deducting any TDS. 

3) Check your 26AS. 

3) If you are paid professional fees, then you may file ITR-4. 

go to TRACES website check u r 26 AS then fill the return if part time deduction is under section 192 thn it is salary than fill ITR 1 if part time deduction is under any section of 194 then fill ITR 4

Originally posted by : Mihir
2) Is your employer of part-time job deducting TDS and if deducting then under what section. Are you paid salary or a professional/consultancy fees for your services by your employer of part-time job? Check whether your employer is deducting any TDS. 

3) If you are paid professional fees, then you may file ITR-4. 


Hi Mihir,

1. My part time employer is an US employer and is not deducting any taxes and my consultation hourly wage is getting directly credited to my bank account by the employer.

2. I did not pay any professional tax till now on my part time job income.

For my part time job, I use completely my personal resources like computer, Internet connection, electricity bill. What all can I exclude while computing the tax?

How should I plan to compute the tax along with my full time job?

 

Thanks,

Srinivas

 

If you are paid proper salary and not professional fees, then you can file ITR-2 - Schedule FSI.

The income accrued or arising outside india shall be taxed in India accordingly. 

Only if you are paid commission or professional fees, you can file ITR-4, in which case you can claim deductions of expenses incurred toward earning your income such as internet charges, electricity, etc.

if he is foreign employer than what he written in u r contract

in my view in this scenario ITR 4 WILL BE most beneficial for u

Originally posted by : manoj

if he is foreign employer than what he written in u r contract

in my view in this scenario ITR 4 WILL BE most beneficial for u

Hi Manoj,


So, Do you mean i can file the returns for my contract Job using ITR 4 and my full time Job with regular ITR1?

 


CCI Pro

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