what returrn shall be filled for consultancy income which is predominantly of Salary in nature. Also what all are allowable deductions from such consultancy fees?
CA Lukesh Sethi
(CHARTERED ACCOUNTANT)
(150 Points)
Replied 14 December 2012
Dear Aditi,
You are getting consultancy income from your client. This income comes under the head of business and profession. So ITR-4 will be filed and you can get deduction of expenses like your telephone bill, rent of office, petrol expenses and other expenses from your consultancy income. A balance sheet and profit & loss will have to be prepared for this.
Regds
aditi
(officer)
(96 Points)
Replied 14 December 2012
| Originally posted by : aditi | ||
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what returrn shall be filled for consultancy income which is predominantly of Salary in nature. Also what all are allowable deductions from such consultancy fees? |
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thanks for your reply,
however i am working in a company on a contract. do not have any doccumentry evidences of bills. what do i do?
reg.,
aditi
CA Lukesh Sethi
(CHARTERED ACCOUNTANT)
(150 Points)
Replied 14 December 2012
Dear aditi,
Can you give me ur email id or contact no. so that i can consult you further.
Regds
CAclubindia
