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Income tax returns to exemptions: Expert answers your taxation questions

For taxpayers having taxable income not exceeding Rs 5 lakh, it is Rs 1,000

Income tax returns
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Kuldip Kumar
I have a full-time job. Last financial year onwards, I have joined a band, and we perform at hotels and restaurants. How will this money be taxed that I get from the performance?

The income that you are earning from the performance will be reported under the head "profits and gains of business or profession (PGBP)". You need to maintain books of accounts to compute profits to file income tax return disclosing salary income and PGBP. According to the recently notified income tax return forms for the financial year 2018-19, you need to file ITR 3. In case you are opting