Allowances/deductions available in professional fees

This query is : Resolved

Vijayan Ellathil (Querist)
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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)

RAJA P M

RAJA P M (Expert)
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27 July 2017 Sir.,
You have any professional qualifications...?

Studentsca

Studentsca (Expert)
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27 July 2017 You will get deduction for all the expenses incurred for earning professional income from consultancy.

RAJA P M

RAJA P M (Expert)
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27 July 2017 Dear Studentsca....
How to you define Professional income based on above query...?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 October 2021 Declare the additional income under IFOS...

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