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Salaried+professional - Which ITR?

ITR 1680 views 5 replies

Amol

Service

65 Points Joined July 2008

Thanks for such a wonderful forum.

Heres my first question in this forum.

I have been employed for the FY 2007-2008 as a employee in Organisation 1 till March 15th. Natuarally the income I received is termed as "Salary".

From March 17th I worked as a professional (consultant) for Organisation 2. The income here is termed as "Professional Fees".

I have received Form 16 from Organisation 1and Form 16A from Organisation 2.

My query is as major part of my income is Salaried income (95%), can I still file ITR2 and show the "Professional Fees" income under Income from other sources?

Replies (5)

CA.Vinayak

Chartered Accountant

54 Points Joined February 2008

As ITR is concerened only with the head of income like

1.Salaries, 2.House property income, 3.Income from capital gains and other sources,

so you need to file your IT return through ITR-4 as it includes both salary and income from profession

mohinder kansal

profession of CAs

957 Points Joined June 2008

ITR 4 SHALL BE APPLICABLE. PROFESSIONAL INCOME IS TO BE SHOWN UNDER THE HEAD BUSINESS AND PROFESSION

Aman Malhotra

26 Points Joined July 2008

Dear Amol,

Income is chargeable to different heads on the basis of their nature and not the amount involved. so the nature remains professional as such u r to file ITR 4