Allowances/deductions available in professional fees
This query is : Resolved
27 July 2017
I work as a Consultant Accountant for a private agency (I am a senior citizen over 65 years). I get around 2.50 lakh a year for this service. In additional I have pension and interest incomes. Total annual earnings would be around 8 lakh including the professional fees.
I also have to incur expenditure on travel, computer, computer assistant, stationery etc which comes to about 70-75000 for rendering the consultancy services.
What will be my tax liability on professional fees of Rs. .5 lakh (when taken together with other income)
I also have to incur expenditure on travel, computer, computer assistant, stationery etc which comes to about 70-75000 for rendering the consultancy services.
What will be my tax liability on professional fees of Rs. .5 lakh (when taken together with other income)
27 July 2017
You will get deduction for all the expenses incurred for earning professional income from consultancy.
27 July 2017
Dear Studentsca....
How to you define Professional income based on above query...?
How to you define Professional income based on above query...?
18 October 2021
Declare the additional income under IFOS...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- TDS Challan Code
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
