Hi,
I am a student pursuing my graduation. I recently started providing online tutoring services to students online to earn some extra money in my free time. How do i show it as my income if it crosses the IT slab ?
Thanks in advance for the reply.
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Reporting side earnings as income
Replies (2)
make a working as follows:
Gross earnings from tutions
Less: expenses(eg telephone,bank charges, net charges, dep on laptop, books etc)
Add other income income eg bank interest etc
-----------------------------------------------
If the net amount crosses 250000/-, then file return in ITR 4 after taking deductions u/s 80C, 80TTA etc
As the same is income earned is Casual Income in Nature the same can be shown under the Income From Other Sources but the only distadvantages is you cannot claim any expenditure under these head.
The same can aslo be shown under head Income from Profession and the expenditure related can be Claimed.
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