During FY 2018-19, for about 6 months, I joined a PSU, after retirement from another PSU. I have been paid a consolidated honorarium of Rs.1,00,000 per month. Some say that I have to show only 50% as income and pay taxes on the same. In that case, the income will be Rs.3,00,000 approx for FY 2018-19. In addition, I have some Widower pension of Rs.9000/- per month besides some interest income. Kindly advise what IT Form to be used.
Will I get 80C , 80D, 80 TTA etc and also SD etc.
thanks bye ppvarma.
2 Answers
Dear Sir,
Kindly note that honorarium income is a fully taxable income and can be shown under the Head 'Income From other Sources' in ITR form.
Which ITR Form? - We need to wait till April 2019 until the IT dept releases the ITR form for AY 2019-20.
The type of form also depends on your other sources of income.
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Hi,
Then in that case you may have to file ITR-3 form.
Suggest you to kindly consult a CA.
Kindly read :
AY 2019-20 Income Tax Return Filing | Which ITR Form should you file?
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Sir, though the word honorarium is loosely quoted by me, actually the words used “consolidated renumeration” and they said that “GST, as applicable, shall be borne by the Company”. When GST is payable, i feel that it is not wages/salary etc. Kindly consider this aspect.