Sirs,
Many many thanks for very quick reply from your wends.
Sir, my confusion is still there that Income occurred due to casual (i.e. not in regular basis) Technical Consultancy seems not included as "Other" income in ITR-1.
For your ready reference, I am giving you the following detail:
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What is Casual Income in Income Tax?
In income tax parlance, casual income is an extra financial boost that cannot be relied upon as a steady stream of revenue. It represents a one-time occurrence and does not fall under any contractual agreements or future expectations. Casual income is unpredictable, defying any established patterns or distributions. Furthermore, it encompasses any unforeseen and unscheduled inflows of money.
While understanding the meaning of casual income, it is important for you to understand some of its key provisions. These are:
• Any expense related to a casual income is not deductible. If you incur any cost to earn casual money, it will not get deducted from any earnings. For instance, the cost of buying a lottery ticket will not be deducted from the income received against it.
• As per Section 194B, winnings from things like lotteries, card games or crossword puzzles are subject to TDS (tax deducted at source) if they exceed Rs.10,000. The effective TDS rate is 31.2%, including cess and surcharge. The organisation distributing the prize money is responsible for deducting TDS.
• You are not permitted to set off any losses. If you have any casual loss instead of income, the amount will not be subtracted from any of your income.
Example of Casual Income
Examples related to casual income encompass the thrilling realm of winnings, such as lottery jackpots, quiz shows, poker games, successful sports betting, crossword or other puzzle-solving, and various other stimulating games of chance. Lotteries offer an opportunity for individuals to strike it rich by claiming prizes through draws or sheer luck.
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This detail is confusing me as the captioned type income is not mentioned. I also refer ITR-1 and concerned column of "Other" income, but this type of income is not mentioned therein.
Further guidance requested.....please.
Thanks in anticipation.