Home tuitions income

Sir, I want to show my income from home tuitions i.e 250000 .I have interest on bank fd i.e. interest income of Rs 24000 on which 2400 has been deducted as tds. (A/Y-2014-2015). NSC-5000

Should I show it as IOS income and file ITR-2   or,
Can I file my return u/s 44AD as presumtive income,i.e. ITR4s or, 
Will my income be treated as professional income
Can I file ITR 4 without maintaining books of account ,p/l ,b.sheet with no expenses.

Basically I am a ca-ipcc student . I want to show income as much . What will be the best to do seeing future ?
Asked 10 months ago in Income Tax from Patna, Bihar
You can show this income under the head other income and furnish ITR1. Looking at the quantum of income it looks better to file it under the head other sources.

However all the views are possible. nothing seems to be wrong.
Abhishek Dugar
CA, Mumbai
884 Answers
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I think you can show tuition fees as other income. Interest under ios and claim Tds as refund. You can file ITR 2. 

For filing itr 4, you will have to prepare balance sheet and pl. You can put expenses on estimation basis. Being GTI below 5 lacs, you have tax deduction of Rs. 2000 u/s 87 a.
Bhagyashree Kankaria
CA, Pune
26 Answers
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yes you can show that under IOS and file ITR - 2.

You cannot file the same under 44AD.

No need of showing under professional income as the persons to be shown under professionals are specified in the Act. You can file under IOS.

It is suggested to file the same under IOS and file ITR 2 instead of showing under business/profession.

After you maintain books in future then you can think of showing under ITR4
Shyam Sunder Modani
CA, Hyderabad
1051 Answers
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Dear Sir,

With respect to your quarries please find below answers :

a) Tution income will not classify as eligible business u/s 44Ad and hence it is advisable to show it as professional income only. You can file ITR 4.

b) Your income will be treated as professional income.

c) ITR 4 can be filed without maintaining books of accounts if total income during the year is below rs, 1,50,000/- otherwise you need to show details.
Vishrut Rajesh Shah
CA, Ahmedabad
318 Answers
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Dear Sir,

Firstly you are not elligible for presumptive taxation, so the question of filing ITR 4S is wiped off.

Secondly between ITR 4 & ITR 2, it is advised to file ITR2, as you need not maintain books of accounts under ITR2.

Trust that clarifies your query.

Feel Free to get back for any further clarifications.

Thanking You.

Regards,
CA Rohit R Sharma
BCOM, ACA, LLB - GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
874 Answers
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Yeah, You can file 44AD provided that your service is not fall under professional category. 
Deepak Rathore
CA, New Delhi
23 Answers
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