How to calculate salary income for filing returns

POSTED BY Prashant ON April 5, 2013 3:44 pm COMMENTS (4)

Can we directly mention ,other income in IT returns form ,when we submit the returns.

Scenerio:

My wife is earning salary by doing part time work ,i.e computer related job, using the internet Apart from that she also does some exibitions of Jwellery and cloths from which she earns some profit. now if this is in cash ,then how should we mention the profit earned from the same ,while filing the returns. For the computer related work she will get a form 16 from the compay, my only question is how to compute the profit from sale of items in the returns…

4 replies on this article “How to calculate salary income for filing returns”

  1. finhealth .in says:

    Dear Sir,

    As per the explanation provided by you, at the first instance it seems that ITR 4S would be applicable for your wife to file returns.

    Hope this resolves your query.

    Regards,

    Sawan

  2. Dear Prashant, Yes ITR-1 is not applicable for your wife’s income heads.

    thanks

    Ashal

  3. Dear Prashant, the income from the sell of jewelry & cloths etc. ‘ll fall into income from business & profession & she should file her income tax return either in ITR-3 or ITR-4.

    thanks

    Ashal

    1. Prashant says:

      Thanks Ashal for the quick reply.So it means no need to fill ITR1 , either ITR-3 or ITR-4 will be fine.. rigth

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