Regarding consultantancy fees itr form..

Forums General Discussion Regarding consultantancy fees itr form..

Regarding consultantancy fees itr form..

In case of consultantancy fees as a income, which itr form needs to be used during filing i t returns online?

Profile photo of Chandrashekhar Joshi Asked By: Anonymous 3 replies 1 helpful answers Last Updated: 3 months, 1 week ago
  • Profile photo of Chandrashekhar JoshiAnonymous

    In case of consultantancy fees as a income, which itr form needs to be used during filing i t returns online?

  • Profile photo of Ankita BondeAnkita Bonde
    Moderator

    This totally depends on how you treat such receipts. It can be treated as other income (if the amount is less) which can be reported in ITR 1 or can be treated as business income and reported in ITR 3.

    An advantage of Section 44ADA can also be taken which allows 50% deduction from total consultancy receipts.

    For more information, kindly take assistance from a tax expert.

    Thanks!

  • Profile photo of DEEPAK KUMARDEEPAK KUMAR
    Participant

    This totally depends on how you treat such receipts. It can be treated as other income (if the amount is less) which can be reported in ITR 1 or can be treated as business income and reported in ITR 3.

  • Profile photo of Amit Kumar BansalAmit Kumar Bansal
    Participant

    Go for ITR IV, avail the benefit of Section 44ADA as professional income..

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