SIR.
PAYMENTS UNDER SEC 194J FEES FOR PROFFESIONAL AND PROFFESSIONAL. WHICH RETRUN I FILL ITR4 OR 4S AND .HOW I CALCULATE INCOME.ASSESSE IS A DOCTOR IN A PRIVATE NURSING HOME. AND PAYMENT MADE IN SEC 194J.GROSS PAYMENT IN F.Y. 13-14 IS RS. 1450000.AND TDS AMOUNT IS 145000. CAN I CALCUATE GROSS RECIPT-1450000,GROSS PROFFIT-362500,EXPENSES-NIL,NET PROFIT-362500.
TDS on professional fees prompts questions on income computation and selection of the appropriate tax return form. Query concerns withholding tax on professional fees under section 194J, the appropriate income tax return form (ITR 4 or ITR 4S), and the method of computing taxable income after TDS. The taxpayer, a doctor, supplies gross receipts and TDS figures and proposes calculating gross receipt less expenses (nil) to arrive at net profit; the only reply recorded states the query is unclear, leaving return selection and deductible allowances unresolved. (AI Summary)
TaxTMI 
TaxTMI 
