A retired professional proviedes free consultancy on regualr basis to stock market investors who lost heavily in their trading , to help them come out of their debts and to make their trading run in to profits within a fixed time frame by providing various methods. He never charged anything from any one. He is helping people only as a social work .But one client wants to pay him in kind by booking his tickets for travel , buying his medicines online etc. . How the professional is supposed to treat this amount under his IT return, if the annual amount of such payments exceed one lac.
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Treatment of professional fee receipt in kind
Replies (2)
no need
if dont raise the invoce for your service
if raise the bill for your service then it can be adjusted against it and u have to mention in your
returned
Thank you for your reply. Neither any fee charged nor invoice issued.
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