
I'm home tutor. I have no other income. I want to file my income tax return. Please guide.
I'm home tutor. I have no other income. I want to file my income tax return. Please guide.
You are a home tutor and you want to file your yearly return of Income for the financial year (FY) 2017-18.
The return for FY 17-18 has to be filed before 31st July, 2018.
Consider the following points:
- If your total income doesn't exceed Rs. 2.50 lakhs, which is the basic exemption limit, you can file a nil return and claim a refund of the advance taxes already paid by you.
- If your income exceeds Rs 2.50 lakhs but it consists of no income other than the income you receive from your students, you can file ITR-1 sahaj online.
- If your income exceeds Rs. 2.50 lakhs and there are other incomes besides the said income of home tutoring, you need to file :
- ITR-2: if your income includes Capital gains, income from partnership firm, foreign income and agriculture income.
- ITR-3: income from business and profession
- ITR-4: Presumptive Income u/s 44
- ITR-5: Income of Association of Persons (AOI), Body of Individuals (BOI), firms and limited liability partnership.
- ITR-6: for persons not claiming exemption under section 11
- ITR-7: Persons and companies under section 139.
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I understand that, you are a home tutor and you want to file your yearly return of Income for the financial year (FY) 2017-18.
You should understand these 3 things.
Thing # 1 - Type of Income.
Thing # 2 - Way to compute your income.
Thing # 3 - How to file the tax return.
Type of Income:
Income tax Act demands taxpayers (also called as Assessee) to determine the type of income that they earn.
There are 5 types (or you may call heads of income). Tution income is covered under head "Income from Business and Profession". It is a professional income.
Way to compute your income:
Income tax Act, specifies two ways to compute (or calculate) professional income.
Way # 1 - By following normal provisions of the Income-tax Act.
Way # 2 - By opting for "Presumptive tax scheme" under section 44ADA
If you follow way # 1 then
- you would have to maintain books of accounts. List of books to be maintained are specified under section 44AA and Rule 6F of Income tax.
- if your income turns out to be less than 50% of total receipts then you need to get tax audit done under section 44AB
If you follow way # 2 then multiply your total receipts with .5, and that is your taxable income. However, you can opt for way # 2 only if your turnover is less than Rs50lac
How to file your tax return:
You can file your returns in form ITR 4 online.
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