Using 4S for freelancer income + ST/LT CG
Hi,
The incomes ( combined less than 20 lak ) I have are
-> Freelancer Consultant
-> STCG - Equity
-> STCG - Debt
-> LTCG - Equity
-> House Rent
-> FD & Savings a/c interest
As I understand, in order to use STCG-Equity @ 15% Tax, I'll have to use Form 4.
I'm thinking of treating STCG Equity as biz income ( @ slab rate ), so that I can use 4S .
Is this allowed by IT ?
I'm thinking of using 4S As:
-> Business Income : 50% of sum of Consultancy + STCG(Equity) + STCG(Debt)
-> Not declaring LTCG - Equity
-> Declaring House Rent Income appropriately
-> Declaring Interest on FD and savings as other
Will this be correct thing to do ?
Should add 'STCG equity and debt' to Other income instead ? ( i.e. show 100% instead of 50% )
Thanks;
Asked 7 years ago in Income Tax
Thanks a lot, I will use form 4 .
Another question:
In consultancy, there is only small business expense ( only local travels ), so filing form 4 would
mean paying lot more income tax ( 4s would mean 50% for professional income . correct ? )
Question: in form 4, can i declare business expense to be 50% of recieipts ?
Asked 7 years ago
Looks like the ITR3 for AY17-18 : http://www.incometaxindia.gov.in/forms/income-tax%20rules/2017/itr3_english.pdf Is allowing deductions under 44ada ; Schedule BP, Field 35 , option ii :
Thanks
Asked 7 years ago