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Query related to Source of Income

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Advocate Arka Roy

28 Points Posted on 29 April 2020

A person is employed in a company (full time) and he gets salary from such company in regular basis. My question is if he started a business in his name then is there any problem under the Income Tax Act ?

I mean to say, Can a person show income from Salary & Business both in his ITR return ? please provide sections and answer my question . thank you 🙏

Replies (4)

Quick Summary

This discussion clarifies whether an individual employed full-time can also run their own business and declare both income sources on their tax return. The consensus is that yes, this is permissible under the Income Tax Act. While no specific section mandates this, it's advisable to inform your employer about your business activities. Using ITR-IV is generally appropriate for such combined income reporting.

Kiran Hathalia

460 Points Posted on 29 April 2020

Yes, a person can provide both the incomes together...This is not mandated by any specific section.

sabyasachi mukherjee

Profession

19978 Points Posted on 29 April 2020

Certainly he can show but he has to give a declaration to the employer that he is carrying on business.
the employer must accept the same.

itr iv is appropriate.