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Re ITR 1 - IFOS

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Khushboo

article assistant

175 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?

Replies (3)

Quick Summary

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.

Ravi SADhiyan

Practice

3087 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/-

PRIYANKA K.

Working as Sr. Operation Executive

67 Points Posted on 22 July 2020

100000

Sagar Patel

Tax and Business Consultant

5533 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