How to mention part time income while filing ITR ?

POSTED BY nishant ON February 6, 2014 10:16 am COMMENTS (6)

Hi, I am working as full time employee with a company from feb-2013, I have some 4.2 Lac CTC. I also do some part time work for an indian client, i have received a total payment of around 1.5Lac from part time work directly in my account in 2013-14.
I have also borrowed some money from friends (20 k approx) in my account.

1) Do i need to pay tax for full time income + Part time work + borrowed money.

2) There is no TDS for the part time work, how to mention the part time income while filling ITR? do i need to provide proof for the other income (part time work) as i dont have any.

1) how will mention the borrowed money while filing ITR. As i stated previously, i don\\’t have any receipt for the part time work. I just get the pay directly in my bank account.

Infact borrowed money and part time income both are bank transfer from individuals.

2)also since my total taxable income is below 5 Lac, is it necessary to file ITR, what are possible disadvantage/harm if i do not fill ITR.

6 replies on this article “How to mention part time income while filing ITR ?”

  1. nkumar1 says:

    Hi,
    Please suggest how to file ITR for tax deducted by company + tax paid online for part time work.

  2. ashalanshu says:

    Dear Nishant, for part time job, yout do not need form 16. You can pay your due tax online from your netbanking account.

    Thanks

    Ashal

  3. nishant says:

    For full time job, TDS is getting deducted by my employers, please can you tell me how to pay taxes for the part time work online and how to get/generate the form 16 for that paid tax.
    I searched a lot regarding these but still have no idea.
    Any info will very much help in paying tax and further filling the returns.

  4. ashalanshu says:

    Dear Nishant, there is no need to provide any extra support document. From the reply given by you, it’s a professional job for you and the payment made out to you in your bank account by the person who hired you is a proof in itself.

    Thanks

    Ashal

  5. nishant says:

    not discussing to evade the Tax.. The part time work i was doing was software programming fixes, client discuss problem on skype or phone and on completion the task transfer the payment.
    for filling ITR4 it requires to provide supporting docs which is the my problem, I dont have any receipt for the work done and in case i will not we able to provide any proof the the extra income what should i do ?

    4.2 is my total ctc
    hra 90k
    life insurance investment 45k
    part time income 1.42 lac

  6. ashalanshu says:

    Dear Nishant, if the idea is to evade the Tax at any cost, you should not discuss the issue at all. 🙂

    Regarding your case, your combined income is 4.2+1.5 = 5.7L Rs.

    The loan taken from your friend is not your income but please enter ina written agreement with your friend for the same to avoid any trouble from Income Tax people later on.

    What type of job/profession/service you are offering as part time and what is the nature of the payment you recieved? Your applicable ITR form may be ITR-4 due to your part time income.

    Thanks

    Ashal

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