Notes

Tax Filing for FY 2018-19
Self-Employed Professional (Tuition Teacher)


Total Earning in the Whole Year is Easily Below the Taxabale BRacket since he has been in the field of education where earnings are not too high.
No Earning otherwise Tds at Source paid 10%
Investment in ELSS : Yes. Upto Rs 2 L.
Other Investments for Tax Saving : Nil
ANy Other Earning ? NO
POssibility of reducing taxable income is there. How? Being self-employed can show expenses in terms of travel, food, etc Need someone to assist with tax filing.
If this goes well then there is other such work for other assessment years too.

No other earnings in full year!
ALso we must work together and hence being available to communicate freely is vital!
Do think about communicating!
Of course we will do all our transacations through this portal only!
If this goes well then there is other such work for other assessment years too.

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IN ORDER TO GET OVERALL SCOPE OF WORK FOR TAX COMPUTATION
FOR THE ASSESSEE


Assessee: Age 39 Male. Single. Never Married.
Nature of Employment: Tuition Teacher.

EARNING IS PRETTY STRAIGHTFORWARD. Not much tension for the tax consultant to make.

The following is the overall earnings that can get covered up.

Year 2018
Apr Zero
May Zero
June Zero
Jul Zero
Aug Zero
Sep Zero
Oct Zero
Nov Less than Rs 3k
Dec Ditto
Year 2019
Jan Ditto
Feb Ditto
Mar Ditto

INVESTMENT

Last Week of March 2018 ELSS purchase order of 2 lakh worth MF units was given.

Apart from that no such investments
No Provident Fund investment made.


OTHER INCOME
During this period no other income, Some MF SOLD and some MF bought. Liquid as well as Debt funds
Some liquid fund redeemed but reinvested too. This must be negligible effect on overall. But since liquid fund was redeemed, there can be some work on this. Can we ignore this? If its low then why bother?! You advise

NATURE OF EMPLOYMENT: Tuition Teacher

Self Employed Nature

Hence following expenses can be deducted before tax is applied

Food
He also has food bills of cafes/restaurants in cities where he made those expense

Shopping
Bills of hypermarts, shopping markets, stationery store (office requisition) are present

House Rent
Yes. Rent Receipts available

Purchase of stationery or items that can be used for official purpose e.g Mobile, Laptop, etc
MObile costs like recharge since mobile is used for client interaction

ANy other


SHOWING EXPENSES TO BRING DOWN TAXABLE INCOME IS WHERE WORK WILL BE SLIGHTLY MORE INTENSE.

*1 As a tax consultant you need to tell what expenses can be show and where.
*2 Some expenses require bill, you need to guide where
*3 Some do NOT require bill, that we can go ahead and claim easily
*4 if they do require bill then can we simply get them created now?
*5 If bill is present with the assessee then no problem he will provide to you right away. But do you need photo copies or original?
*6 Any other ideas to get tax burden reduced?