29 November 2016
Is out of pocket expenses part of professional gross receipt ?
For example : I get paid 48 lakh for providing technical consultancy, but then I am paid 7 lakh towards expenses for Air ticket, Travelling ,Hotel expenses etc. So what will be the Professional gross receipt for purpose of presumptive taxation ? is it 48 lakh or 55 (48+7) lakh ?
23 January 2017
Thank you Seetharaman for your reply. I read your reply as : If reimbursement amount if based on actual bill/expenses then it is not considered for inclusion in turnover. Say actual expense is 2 lakh and I claimed/received reimbursement of 3 lakh then only surplus i.e. 1 lakh is considered for inclusion in turnover. Can you please confrim if my understanding of your reply is correct?
CAclubindia
