Income from Other sources

I’m a salaried person having income from other sources as interest from FD, RD and NCD. In FY 2016-17, I registered myself in Web-Work (it gives ₹6 per click and 20 clicks per day) by paying ₹11500. Before going bust, the company paid me ₹10540 and deducted ₹1004 as TDS, so net I received ₹9536.
My question is do I need to pay tax on ₹10540, as my initial investment of ₹11500 is more than the what I received.

Thanks,
Ashish

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1 Answer(s)

You need not pay any tax on the Money received as you have incurred loss. In the ITR under Income from other sources you can put RS 10540 as Receipt and Rs 11500 as Cost so it will be negative profits. TDS deducted will adjust against your tax. If no additional liability then you can claim refunds.

Regards

TaxIQ Answered on July 14, 2017.
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