Re ITR 1 - IFOS

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article assistant
284 Points Posted on 22 July 2020
I got professional fees on which TDS is deducted.

amt shown in 26AS:
amt credited / paid - 1,00,000/-
tax deducted - 10,000/-

amt actually credited in my bank account - 90,000/-

so while filing ITR 1 , I am showing this income under IFOS. so what amt should I take in ITR as IFOS - 1,00,000 or 90,000?
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On 22 July 2020 at 13:08 Report
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This discussion addresses a query regarding the correct amount to declare for professional fees under 'Income from Other Sources' (IFOS) when filing ITR 1. The user received professional fees with TDS deducted, resulting in a lower amount credited to their bank account. The core question is whether to report the gross amount (Rs. 1,00,000) or the net amount received (Rs. 90,000) as IFOS. A suggestion is made to consider reporting professional fees under PGBP via Section 44ADA in ITR 4, declaring the full gross amount.

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Practice
4510 Points Posted on 22 July 2020
Originally posted by : Khushboo
I got professional fees on which TDS is deducted.amt shown in 26AS:amt credited / paid - 1,00,000/-tax deducted - 10,000/-amt actually credited in my bank account - 90,000/-so while filing ITR 1 , I am showing this income under IFOS. so what amt should I take in ITR as IFOS - 1,00,000 or 90,000?

If You Got Professional Fees than shown under PGBP under section 44ADA

and show Full Amount Rs. 100,000/-

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On 22 July 2020 at 13:14
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Working as Sr. Operation Executive
146 Points Posted on 22 July 2020
100000
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On 22 July 2020 at 13:20
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Tax and Business Consultant
11616 Points Posted on 22 July 2020
If You Got Professional Fees than shown under PGBP under section 44ADA in income tax return ITR 4

You have to show Full Amount Rs. 1,00,000/- as gross receipts and can show presumptive income under section 44ADA as 50% of 1,00,000 or more than that, but it's better to show full 1,00,000 as presumptive income if your total income is below exemption limit
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On 22 July 2020 at 16:47

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