ITR for Salary & Consulting Income

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  1. Vijay Saxena

    Vijay Saxena New Member

    I retired from service with a PSB on 30.09.2014. I had salary income for first six months of the FY 14-15. Since October 2014 I am getting pension. Further since January 2015 I am also earning consultancy fee as income.

    Query :
    Which ITR form shall be applicable for e filing for AY 15-16 ?
    Can the consultancy fee be categorised as business / professional income ? If yes, what all expenditures can be charged off to compute net income from profession / consultancy ?

    Vijay Saxena
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    You can file ITR 2 wherein you can disclose your Salary income as well as your Consulting Income.

    Consulting Income would be considered as Income from Business & Profession.

    All expenses incurred by you in earning this consulting income would be allowed to be claimed as an expense. For eg: Mobile bill, Internet Bill, Office Rent, Salary to Staff, Commision paid etc
     
  3. Vijay Saxena

    Vijay Saxena New Member

    Thanks Manoj
    Will expenses on maintaining car including depreciation thereon be included.
     
  4. Manoj Mehra

    Manoj Mehra Active Member

    If the Car is being used for the purpose of Business, then Fuel Expenses, Car Maintanence Exp & Depreciation on Car would also be allowed to be claimed.
     
  5. Vijay Saxena

    Vijay Saxena New Member

    Thanks a lot
     
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