Allowances/deductions available in professional fees
This query is : Resolved
Vijayan Ellathil
(Querist)
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)
Studentsca
(Expert)
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...
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